Arab Today, arab today ebrd bank faces battle over next president
Last Updated : GMT 12:43:31
Arab Today, arab today
Arab Today, arab today

EBRD bank faces battle over next president

Arab Today, arab today

Arab Today, arab today EBRD bank faces battle over next president

London - AFP

A battle for the presidency of the European Bank for Reconstruction and Development is in full swing ahead of its annual meeting next month, with current head Thomas Mirow not certain of holding on. EU ministers failed to reach a consensus over the presidency at a Copenhagen meeting in late March and the Financial Times said that German national Mirow was favourite to be appointed to a second four-year term. France meanwhile is keen to push its candidate, Philippe de Fontaine Vive Curtaz, the current deputy head of the European Investment Bank. Others in the running include former Serbian deputy prime minister Bozidar Djelic, ex-Polish prime minister Jan Krzysztof Bielecki and top British civil servant Suma Chakrabarti. The latter\'s candidacy has raised eyebrows because there was thought to be an unwritten and unofficial rule that a Briton would not run for the presidency because the bank is headquartered in London. A final decision will be made by the EBRD\'s 65 governors at their annual gathering in London on May 18-19, should European Union finance ministers first fail to reach an agreement. Former deputy German finance minister Mirow has been widely credited with successfully dealing with the fallout of the 2008 global financial crisis and subsequent worldwide recession which wreaked havoc on the ex-Soviet bloc. The EBRD, which is owned by 63 governments as well as the European Union and the European Investment Bank, was founded in 1991 to help former Eastern European communist countries switch and adapt to a market economy. Under Mirow\'s stewardship, the bank has agreed to begin investing in North Africa and the Middle East following the popular uprisings in the Arab Spring. \"Mirow has done a decent job steering the EBRD through the financial crisis and the big recession, while giving cautious guidance to banks on the risks and pitfalls of emerging Europe\'s financial markets,\" IHS Global Insight economist Ralf Weigert told AFP. \"The job of the EBRD president is still an important one and should be assigned to a safe pair of hands. From a rational standpoint, there is hardly anything major that speaks against Mirow. \"Politics is a different matter and the French might insist on having the final word but I don\'t think that this strategy will bear out eventually,\" Weigert added. Mirow, 59, took over from French predecessor Jean Lemierre, who spent eight years at the helm and recently has focused attention on North Africa. Mirow has also overseen the so-called Vienna initiative, aimed at keeping western Europe\'s major banks in central Europe in the wake of global economic chaos of 2008. The EBRD last week reported first quarter net profit almost doubled to a record 637 million euros ($840 million) in the first three months from 330 million euros in the same period last year. Earnings were boosted by strong net interest income and a recovery in the value of the bank\'s equity investments. The EBRD also ploughed a record high 1.9 billion euros into investment projects across central and eastern Europe during the period, up from 1.1 billion euros last time around. \"This has been a strong first quarter,\" Mirow said in the bank\'s results statement. \"At a time when credit remains restricted in many markets, these figures show that the EBRD has an important role to play in supporting growth. \"With record volumes and sound profitability and capital position, the bank is in excellent shape going into its annual meeting.\"

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today ebrd bank faces battle over next president Arab Today, arab today ebrd bank faces battle over next president

 



Arab Today, arab today
Arab Today, arab today Mohamed Bahari prepares new collection for spring 2017

GMT 06:15 2017 Monday ,27 February

Mohamed Bahari prepares new collection for spring 2017
Arab Today, arab today 17.4 million tourists visit UAE in 2016

GMT 00:47 2017 Monday ,27 February

17.4 million tourists visit UAE in 2016
Arab Today, arab today Sheds light on major steps in 12-year career

GMT 06:07 2017 Monday ,27 February

Sheds light on major steps in 12-year career
Arab Today, arab today UN envoy sets out framework

GMT 07:25 2017 Monday ,27 February

UN envoy sets out framework
Arab Today, arab today Ayat Abaza says state TV presented major stars

GMT 03:52 2017 Sunday ,26 February

Ayat Abaza says state TV presented major stars
View News in Arabic - Business: مصارف
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Reading therapy relieves mental disorders

GMT 15:39 2017 Friday ,24 February

Reading therapy relieves mental disorders
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Penguins in the age of dinos

GMT 11:44 2017 Saturday ,25 February

Penguins in the age of dinos
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today 'Constructive' Vauxhall talk with union

GMT 08:54 2017 Saturday ,25 February

'Constructive' Vauxhall talk with union
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Reasons for the delay 'On the Stairs of Servants'

GMT 06:42 2017 Saturday ,25 February

Reasons for the delay 'On the Stairs of Servants'
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage

GMT 07:23 2017 Friday ,24 February

Ola Ghanem hopes to work with M.Ramadan

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 18:23 2017 Friday ,24 February

Fadi explains secrets of  Nancy Ajram's newlook

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"

GMT 10:51 2017 Saturday ,25 February

Pigs with edited genes show resistance

GMT 14:04 2017 Friday ,24 February

Messi visit will contribute in tourism

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives heritage in jewelries
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday