The Payment Services Directive (PSD2), which came into force last January 13, entails fundamental changes in the payment industry and aims to promote competition, innovation and security. A two-year phase began on that date that will culminate in its transposition into national law in 2018, when third-party payment providers (TPP) will be given access to client accounts.
Like every May 9th, today marks the annual celebration of Europe Day in Brussels. This date commemorates the anniversary of the historic Schuman Declaration. Robert Schuman, then French Foreign Minister, presented his idea for a new form of political cooperation that would make another war among European nations unthinkable. That’s why this day is dedicated to peace and unity in Europe.
Economist, professor, advisory and director of several organizations related to economic research… Rafael Domenech’s professional life has always been connected to economics, and in parallel, to teaching. Chief Economist of Developed Economies at BBVA Research since 2009, Domenech is also a Professor of Economic Analysis at the University of Valencia. This fact permeates all of his explanations, which those who attend his presentations describe as “very educational”.
Born in Sao Paulo while his parents spent a five year period there, he is Brazilian by birth but Valencian by adoption and believes that there is a great need for education in economics. He is the author of numerous articles in prestigious international and national magazine on human capital, growth, economic cycles and monetary and fiscal policies, and recently published a book, ‘En busca de la prosperidad (The Search for Prosperity)’ that includes measures the Spanish economy should take to increase employment, equity and well-being.
He holds a Master of Science degree from the London School of Economics and a PhD in Economics. He has also worked as a collaborating researcher for the OECD, the European Commission, the Ministry of Economy and Finance and the Rafael del Pino Foundation, among others. The author of numerous publications, together with other BBVA Research team members he has prepared an Economic Observatory with proposals to reform the labor market in Spain, which was published today (in Spanish).
What is Europe’s economic outlook? How can it overcome the impact of the crisis and start to grow and create jobs again? In the book published by BBVA, The Search for Europe: Contrasting Approaches, twenty-three prestigious authors attempt to respond to these and other questions weighing on the most ambitious integration project in modern history. The book is available for free on the knowledge community, OpenMind.
Sovereign Wealth Funds are state-owned investment vehicles that control a portfolio consisting of national and international financial assets. The capital that these institutions manage is essential for the economies as it allows them to mitigate economic shocks; safeguard the wealth of future generations; make key investments for the country’s development; pay pensions; or maximize the profitability of a percentage of the country’s international reserves – generally the surplus over the level deemed optimal – which are usually managed following a capital preservation approach.
The buzz surrounding the TTIP – the free-trade treaty that the US and the European Union started negotiating back in 2013 – keeps growing louder. While the name may already ring a bell for a majority of people, many may still be wondering what’s behind the acronym and how will it affect, for good or for bad, the Spanish economy and, by extension, our everyday lives.
Op-ed by Federico Steinberg, Senior Analyst for Economy and International Trade at the Elcano Royal Institute
For the last 200 years the world economy has been dominated by the North Atlantic countries. First, by Europe alone, and then by Europe and the United States (with a marked North American leadership after the Second World War). However, the decline that began 20 years ago in the relative weight of the transatlantic axis in the world economy is expected to accelerate in coming decades. The beneficiaries will be the new emerging powers –particularly in Asia, but also in Latin America and Africa.
The European Deposit Insurance Scheme is one of the essential steps towards the completion of the banking union. At the same time, banking authorities are reviewing the treatment granted to banks’ sovereign risk exposure. However, both lines of work should be independent. BBVA executive board director José Manuel González-Páramo took the opportunity offered by his participation in the Eurofi financial forum – which is taking place this week in Amsterdam – to defend this idea.
To refer to “Colombians” is to paint a very specific human profile that arises from the depths of a land peppered with regions in a geographic delight. The two oceans that surround Colombia and three large mountain ranges that run across it explain in part the contrasts, accents and diversity of the Colombian people. A territory full of people from coastal, valley, plains, Huila and Santander regions. Each with their own, very diverse cultures that melt away in the overwhelming joy, strength, creativity and desire to excel that is the common denominator of all Colombians.