All posts by: GeorgesUgeux

About GeorgesUgeux

Italy is More Dangerous than Brexit: Europe’s Next Crisis Could be Systemic

The noise about Brexit, as historically and politically significant as it could be, has, over the past three weeks, allowed Italy to hide. However, whether its is the Financial Times about Italy’s banking crisis, the New York Times, Italy’s Plan for Banks could Roil Europe or The Economist Italy’s teetering banks will be Europe’s next crisis, serious media all came within a week to remind us that the reeal risk for Europe is Italian banking. Read More

Blog Article, Media

Brexit: la France veut-elle évacuer la Grande Bretagne?

Depuis plusieurs jours, les déclarations françaises se multiplient pour « évacuer » la Grande Bretagne de l’Union Européenne de toute urgence. Quelle mouche pique donc le Gouverneur de la Banque de France, le Premier Ministre, le Ministre des Affaires Extérieures et le Ministre de l’Economie, mais aussi les commentateurs ? J’ai tenté une analyse sur base de toutes ces déclarations. Voici mon analyse qui sera largement controversée. En savoir plus

Blog Article, French, Media

Donald Trump Desperately Looks for an Exit Strategy

As we are getting closer to Donald Trump’s nomination, his outrageous behavior has accelerated. He stated that he would not change if he were elected president, insulted the media who have blindly financed him for sake of reality TV, insulted Republican parliamentarians, refused to publish his tax returns and recently defended a fake university that bears his name. He is being more outrageous every time he speaks. Read more

Blog Article, Media

JIBLR Article: Building a European Capital Markets Union by Georges Ugeux

Journal of International Banking Law and Regulation – Building a European Capital Markets Union: The Need for Liquidity and Focus


The European Commission is building a Capital Markets Union (CMU) to counteract Europe’s over-reliance on bank funding. As the Commission’s CMU communication often refers to peripheral projects and misapprehension of Europe’s capital markets, this paper aims to contribute by highlighting the main challenges and action points for realising the CMU. Read full article


This material was first published by Thomson Reuters (Professional) UK Limited in Georges Ugeux, “Building a European Central Markets Union: The Need for Liquidity and Focus” (2016) 31 J.I.B.L.R. 314–330 and is reproduced by agreement with the Publishers.

Media, Print, Publications

Donald Trump sent me this message


Dear Georges,

[I wanted to answer your blog personally as you are questioning my candidacy for the Presidency of the United States of America. These are my original words, compiled to convince you of the contrary.]

A compilation of quotes from Donald. Read More

Blog Article

Time to be Serious About Cuba

These thoughts are the reflection of a people-to-people trip to Cuba with National Geographic, a program that is fundamentally educational and a discovery.


In 2015, the 7th Americas Summit, in Panama City, included Cuba for the first time. This U.S. initiative would have happened without the U.S. if they had refused the presence of its neighboring island. It was the first meeting between Barack Obama and Raul Castro, that led to the reopening of the U.S. Embassy and the visit of the U.S. President in Havana. It was also the clearest indication that the US were the only nation not to have such relationship. 90 miles from Key West, it was time not to submit US foreign policy to the lobby of the Cuban Americans in Florida. Read more

Blog Article

La crois­sance pour la crois­sance n’a pas de sens, il faut re­prendre les pro­blèmes à zéro

Georges Ugeux a déjà der­rière lui une longue car­rière dans le monde de la fi­nance. Il a tra­vaillé pour la Gé­né­rale de Banque, chez Mor­gan Stan­ley, à la Gé­né­rale de Bel­gique et chez Kid­der Pea­body. Il fut aussi vice-pré­sident du New York Stock Ex­change (NYSE), avant de fon­der sa firme: Ga­li­leo Glo­bal Ad­vi­sors. Au­teur, blo­gueur, ora­teur, le “Belge de New York” nous livre son point de vue sur les dé­ve­lop­pe­ments ré­cents de l’ac­tua­lité. En savoir plus



French, Media, Print

Où va l’économie européenne, avec Georges Ugeux


C’est une première depuis 40 ans, les Etats-Unis détrônent la France à la place de premier partenaire commercial de l’Allemagne.  Réaction immédiate du gouvernement français, il n’y a aucun point de bascule juste l’effet d’un euro particulièrement faible. Vu d’ailleurs, de l’Allemagne et des Etats Unis, les choses sont appréciées différemment. L’économie américaine a retrouvé une véritable vigueur qui explique cette monté en puissance au cœur même de l’Europe.


Décryptage avec  Georges Ugeux, Président de Galileo Global Advisors, et ancien n° 2 de la Bourse de New York

French, Media, Radio

The ECB Should Not Purchase Italian Nonperforming Loans

Now we know what doing “whatever it takes” to ensure the stability of the Eurozone means. That July 2015 bluff by Mario Draghi, the ECB President, is now being called. The European Central Bank is in talks with the Italian government about buying bundles of bad loans as part of its asset-purchase program and accepting them as collateral from banks in return for cash, the Italian Treasury said according to Reuters. This announcement reassured the markets if it were to be followed by action. Read more


Blog Article

Will Italy Prompt a Global Financial Crisis?

The current situation is definitely not pretty. In the turmoil that affects equity markets, banks seem to be taking center stage. Among them, Italian banks have become the center of attention.


European banks are not in good health
The recent assessment of the International Monetary Fund that European Banks have not provided for 900 billion dollars of bad loans is not particularly reassuring. As early as this week, former Governor of the Banque de France Christian Noyer was bold enough to state that “Eurozone banks are going very well. It is solid”. It is precisely that official speech that is the first source of worry. Is it denial or public relations? None of those are part of a Central Bank Governors’ job description. The reality should be sobering. In the last five days Deutsche Bank shares lost 15% of their value. Read more


Blog Article

Donald Trump in the Role of a Murderer

Even the traditional and brain-dead campaign of the Democrats did not pick up on Donald Trump’s statement that he “could stand in the middle of 5th Avenue and shoot somebody and not lose voters.” Yes, it is outrageous, but it is worse than that. It confirms the lawlessness of Donald Trump. He does not even consider the consequences of his statements, let alone what it reflects of his true nature. Read more



Blog Article

Historic Weekend in Tehran: Iran (Almost) Without Sanctions

I had not been in Tehran for the past 38 years, but had been a frequent visitor of the country when I was in charge of the Middle East for my bank, Societe Generale de Banque, in Belgium. As the lifting of the Western sanctions against Iran was approaching, I undertook the journey back to Tehran this weekend. I wanted to evaluate what could be done in the field of finance to facilitate the reintegration of Iran in the global world of finance. I had published a post here, in September 2015, advocating the reintegration of Iran in the world community. Read More


Blog Article

And the winner is …ISIS. The pathetic Republican Presidential Debate.

The presidential candidates have collectively delivered a resounding political victory to ISIS, whom each of them focused on.

Following the debate was like listening to aspiring presidents who consider that the most important issue facing the United States of America is to “beat ISIS.” They did not even realize that, by doing so, they were giving ISIS the golden keys to the kingdom: the ability to define our policies. Read More

Blog Article

Georges Ugeux: “La fi­nance prend une tout autre tour­nure dans le cadre fa­mi­lial”

Êtes-vous sou­vent sol­li­cité pour don­ner des conseils fi­nan­ciers? Com­ment ré­agis­sez-vous?


J’ai dé­cidé de­puis long­temps de gar­der mes amis, donc je ne prête pas d’ar­gent. Par contre, les de­mandes éma­nant du sec­teur ca­ri­ta­tif ont ten­dance à aug­men­ter. Je fais par­tie du co­mité d’in­ves­tis­se­ment d’une ins­ti­tu­tion re­li­gieuse, du co­mité de fi­nan­ce­ment de la Bel­gian Ame­ri­can Edu­ca­tion Foun­da­tion (New York). En savoir plus

French, Media, Print

Bashing Belgium is Mean… and Ill-informed

Born and raised in Belgium, I have a bias. I went to the United States in 1996 to lead the NYSE’s research and international departments and I became a U.S. citizen in 2009 after Belgium allowed dual citizenship. After the Paris attacks, an insidious attempt to blame Belgium for the attacks struck me as (at best) ill-informed. Read more

Blog Article

Could Solvency II Threaten the Financial Stability of European Insurance?

The European insurance sector has approximately 6.8 trillion euros of assets under management. It is the largest European institutional investor, a fundamental element of financial stability and provides support for the global economy. Additionally, the European insurance sector is a significant source of jobs, providing employment for more than one million people. The chart below illustrates the share of GDP represented by insurance premiums, generally defined as penetration ratios. Read more


Blog Article, Publications

Le chaos financier chinois représente-t-il un risque systémique?

De la fenêtre de ma chambre d’hôtel, au 61eme étage d’un des buildings de Pudong, c’est le brouillard. Cette image illustre bien la situation qui prévaut en Chine depuis le début de la semaine. Peu de visibilité et une vraie inquiétude. L’impact de la chute du marché de 30% en 3 semaines ouu se traitent des volumes record, n’est pas une question qui concerne seulement les institutions. 80% des actions chinoises sont détenues directement par les ménages. L’inverse des Etats-Unis et beaucoup plus qu’en Europe. L’employé ou le petit commerçant ont été incités par le Gouvernement chinois de mettre leurs économies en actions comme la valeur qui monte. En savoir plus


Blog Article, French