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Not the easiest lens to use.. even with Liveview & peaking. Make me wonder how photographers using a MF Contaflex + M1:1 managed to do it.
The Managing Director of the International Monetary Fund, Christine Lagarde, will today begin her three day visit to Rwanda, her first since she came to the helm of the institution in 2011. In an e-mail correspondence with The New Times’ Kenneth Agutamba, Lagarde sheds light on her institution’s current relationship with Rwanda and commends the country’s transformative and inclusive policies that have seen a significant decline in poverty levels.
You come here 20 years after the 1994 Genocide against the Tutsi. In your view, what has been the trigger for Rwanda’s rapid economic renaissance?
My main message to Rwanda is that “Good policies pay off.” Let me set this in a broader context by saying that I am very happy to have the opportunity to visit Rwanda at such a pivotal moment in its history. The horrific events that occurred 20 years ago tore the social and economic fabric of the country, and it is uplifting to see the progress in rebuilding, in peace efforts, and in improving the welfare of all Rwandans.
This truly is an example in terms of social and economic transformation. It proves that effective policies and inclusive growth can be transformational.
The economic performance has been remarkable, with strong annual growth for the past 15 years. This has helped Rwanda make progress towards achieving the Millennium Development Goals. The poorest have benefited from a focus on inclusive growth, with the poverty rate falling to 45 per cent of the population in 2011 from 60 per cent in 2000.
Of course, this rate is still high, but it is definite progress and we see the trend continuing. So, while there has not been a magic bullet or a single trigger, a holistic approach, that also included a focus on the agricultural sector, employment, and gender equality, has been instrumental in sharing the fruits of high growth more widely.
What is the status of IMF relations in Rwanda at present?
We have a very close economic policy dialogue and the IMF is currently supporting the government with a Policy Support Instrument (PSI) – designed for low-income countries that have graduated from financial support but still seek to maintain a close policy dialogue.
The PSI signals the strength of a country’s policies to donors, multilateral development banks, and markets. We also provide technical assistance as part of the Fund’s efforts to increase local capacity and know-how. We have an office in Kigali, where a resident representative, currently Mitra Farahbaksh, ensures our presence in the field.
Rwanda’s PSI, which is in its second year, supports Rwanda’s own policy priorities for strong and inclusive growth, with an emphasis on domestic resource mobilization, private sector development, export diversification, regional integration, and financial sector development.
We recently reviewed this programme and welcomed the country’s continued strong performance. We also agreed with the government that more work needs to be done to further reduce Rwanda’s reliance on aid and increase its resilience to external shocks.
What is your economic outlook for the country between now and 2020?
Our outlook for Rwanda is positive. The economy is recovering from a weak performance in agriculture and delays in related project implementation in recent years. Growth rebounded last year and inflation remains well contained. We expect GDP growth rates to rise gradually towards 7-7.5 per cent in the medium term, while inflation remains within the medium-term target of 5 per cent.
I am particularly impressed with the government’s continued commitment to poverty reduction.
As part of my stay here, I will be visiting the Agaseke Handicraft Cooperative and the ICT hub (knowledge Lab) in Kigali to see firsthand how the government has managed to improve the welfare of vulnerable and disadvantaged groups such as women and youth.
As your readers are aware, the Economic Development and Poverty Reduction Strategy for 2013–18 focuses on economic transformation, rural development, and youth employment. The strategy is rightly aimed at further reducing poverty.
I think that the continued rollout of planned measures and the successful inclusion of the private sector in leading economic development will help make sizeable inroads in making growth even more inclusive and in reducing inequality.
In a recent advisory by the IMF Board, they encouraged Rwanda to widen its tax base and put emphasis on domestic revenue sourcing. What is your advice on this?
We are devoting a significant portion of our technical assistance to support Rwanda’s efforts to reduce its dependence on foreign aid. The focus is appropriately on widening the tax base – not higher taxes, but all paying a fair share.
The government has already made significant progress in the areas of revenue administration.
The push to increase the number of registered VAT payers through the introduction of electronic billing machines, and the switch in the collection of local taxes and fees from the local governments to the revenue authority, should be useful in bringing more businesses under the tax system.
The introduction of tax regimes for agriculture and mining, and improvements in property taxation, should also help achieve the goal of providing budgetary resources for key expenditures, particularly those aimed at scaling up social spending and infrastructure in a context where donor resources are likely to be limited.
Lately, Rwanda has taken to raising money through bonds, do you think this is viable?
Rwanda’s successful Euro-bond issuance in 2013 demonstrated that market financing can play a complementary role in financing investment plans. Several other African countries have followed suit over the past year.
The key is to ensure that Rwanda’s debt remains sustainable. I welcome the government’s commitment to fully explore concessional financing options and private sector participation before considering the use of non-concessional resources.
At the same time, the government’s decision to begin issuing domestic currency bonds in 2014 was an important step in the process of developing and deepening local capital markets.
www.newtimes.co.rw/section/article/2015-01-26/185319/
Creating jobs remains a high priority for this country, but as you know the private sector is also still young. What should Rwanda do to address these two issues?
On private sector development, Rwanda’s potential depends critically on full implementation of ongoing reforms to attract foreign investment and boost exports. These include reducing the cost of doing business; improving infrastructure; supporting skills development; and tapping into regional markets.
The increased provision of lower-cost electricity and improved transportation should help facilitate diversification and business development.
On creating jobs, the government has identified three key priorities: skills development, the fostering of entrepreneurship for small- and medium-sized enterprises, and supporting household enterprises. We at the Fund share this emphasis on building the capacity of Africa’s greatest resource–its people. Increased investment in infrastructure can help put people to work.
The IMF’s latest Regional Economic Outlook for Sub-Saharan Africa projects regional GDP growth to pick up from about 5 per cent in 2013/14 to 5.75 per cent in 2015. That isn’t a big leap, is it? Can you elaborate on this?
Sub-Saharan Africa has made impressive progress over the past two decades, with growth averaging around 5 per cent. We expect that to continue in 2015, despite the impact of lower oil prices on some of Africa’s major oil exporting economies.
So there has been real progress, as growth has allowed for reducing poverty and improving living conditions.
For example, the number of people living on less than $1.25 a day in Africa has fallen significantly since 1990. But extreme poverty remains unacceptably high and not all countries are making progress. Some countries are still facing internal conflict and/or fragility.
Looking ahead, there are a number of longer-term demographic, technological and environmental challenges that need to be addressed in order to realise the ‘big leap’ that you refer to.
For instance, how can we tap into the productive capacity of Africa’s youth? How can Africa take advantage of technological innovation?
And how can we address the implications of climate change? Three broad policy priorities are crucial: building infrastructure, building institutions, and building people. Africa must also strengthen its institutional and governance frameworks to better manage its vast resources.
But the focus must be on people—with programmes aimed at boosting health and education and other essential social services. In fact, Rwanda is one of the countries that are effectively implementing policies in many of these areas.
The Ebola outbreak in West Africa has dealt a major blow to several African economies in the region. Can the effects of this blow spread to other parts of the continent?
The Ebola outbreak is a severe human, social and economic crisis that requires a resolute response. And the focus must be on isolating the virus, not the countries.
Strong efforts are underway in Guinea, Liberia and Sierra Leone, but it is unlikely to be brought under control before the second half of 2015.
The economic outlook for these countries has already worsened since September, when the IMF disbursed $130 million to the (three) countries to boost their response to the outbreak.
If the outbreak remains limited to the three countries, the economic outlook for the rest of sub-Saharan Africa remains favourable. Some neighbouring countries like The Gambia have seen an impact on tourism.
We are working with the governments of the three affected countries to provide additional interest-free financing of about $160 million, and expect our Board to make a decision in the next few days.
Following the endorsement by the G-20 leaders in Australia, we are also looking at further options to provide additional support to the Ebola-hit countries, including through the provision of donor-supported debt relief.
International oil prices have been tumbling, is this good for Rwanda and the other members of the EAC?
Indeed, oil prices have fallen recently, affecting both oil producers and consumers. Overall, we see the price decline as positive for the global economy. As an oil importer, Rwanda and indeed the East Africa region should benefit given that lower prices will most likely have a positive impact on growth whilst also easing inflation.
Countries can make use of this window of opportunity to reduce universal energy subsidies and use the savings toward more targeted transfers that benefit the poor.
Recently, the East African Community, a regional bloc to which Rwanda subscribes, reached a landmark Economic Partnership agreement (Epa) with Europe. Do you think that these countries need such agreements?
The EPA is designed to enhance commercial and economic relations, supporting a new trading dynamic in the region and deepening cooperation in trade and investment. It can serve as an important instrument of development in many respects.
It can promote sustained growth, increase the productive capacity of EAC economies, foster diversification and competitiveness, and, of course, boost trade, investment and employment. Rwanda is a key member of the EAC that has worked hard to create a conducive and transparent business environment. So it should benefit from this agreement.
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About Lagarde
Christine Lagarde assumed the mantle of the International Monetary Fund in July 2011. A Frenchwoman, she was previously French finance minister from June 2007, and had also served for two years as France’s minister for foreign trade.
Lagarde also has had an extensive and noteworthy career as an anti-trust and labour lawyer, serving as a partner with the international law firm of Baker & McKenzie, where the partnership elected her as chairman in October 1999.
The IMF is an organisation of 188 countries, working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world.
Photos : Jack Yakubu (Jack Nkinzingabo)
Managing Director Kristalina Georgieva participates in a call with the G24 and Bank Governors during the 2020 Annual Meetings at the International Monetary Fund in Washington, DC, on October 13, 2020. IMF Photo/ Cory Hancock
International Monetary Fund Managing Director Christine Lagarde delivers opening remarks at the 2017 High Level Caribbean Forum, Unleashing Growth and Strengthening Resilience, in Kingston, Jamaica November 16, 2017. IMF Photo/Alex Curro
IMF Managing Director Kristalina Georgieva speaks with Melinda Gates, co-founder of the Bill & Melinda Gates Foundation, on CNN, during the 2020 Annual Meetings at the International Monetary Fund.
IMF Photo/Cliff Owen
14 October 2020
Washington, D.C., United States of America
Photo Ref: CO2010140740
International Monetary Fund Managing Director Christine Lagarde (2nd L), First Deputy Managing Director David Lipton (L), Governor of Bank of Mexico and Chairman of the IMFC Agustin Carstens (C) presents a gift to former Chairman Tharman Shamnugaratnamin (R) for his chairmanship and service for the IMFC during their meeting at the IMF/World Bank Spring Meetings April 18, 2015 at the IMF Headquarters in Washington, DC. IMF Staff Photograph/Stephen Jaffe
Managing Director and Chief Operating Officer of the World Bank, Sri Mulyani Indrawati, visits projects and takes part of high level meetings in Brazil. She met with Wagner Bittencourt, vice-president of Brazil's National Development Bank (BNDES).
In the current article, we will review how to enforce an E-mail attachment policy by using Exchange Online transport rule.The example that we will review in the current article is – an E-mail attachment policy that stops E-mail messages that have an executable content (executable...
o365info.com/manage-e-mail-attachment-policy-in-office-36...
U.S. Department of Agriculture (USDA) Natural Resources Conservation Service (NRCS) District Conservationist for Arkansas Derrek Nokes, and State Grazing Lands Specialists such as Jeremy Huff assisted Kenny and Annette Sites with a conservation plan that includes prescribed grazing (528); and the forage and biomass planting (524) of the pastures, in Sheridan, AR, on June 27, 2019.
A companion video can be seen at youtu.be/JOiyO31rOis
Prescribed Grazing manages the harvest of vegetation by grazing and/or browsing animals.
This improves or maintains desired species composition and vigor of plant communities. Improves or maintains quantity and quality of forage for grazing and browsing animals’ health and productivity. Improves or maintains surface and/or subsurface water quality and quantity. Improve or maintain riparian and watershed function. Reduce accelerated soil erosion and maintain or improve soil condition. Improve or maintain the quantity and quality of food and/or cover available for wildlife. Manage fine fuel loads to achieve desired conditions.
Forage and Biomass Planting establishes adapted and/or compatible species, varieties, or cultivars of herbaceous species suitable for pasture, hay, or biomass production.
These pastures improve or maintain livestock nutrition and/or health. Provide or increase forage supply during periods of low forage production. Reduce soil erosion. Improve soil and water quality. Produce feedstock for biofuel or energy production
NRCS has a proud history of supporting America’s farmers, ranchers, and forest landowners. For more than 80 years, we have helped people make investments in their operations and local communities to keep working lands working, boost rural economies, increase the competitiveness of American agriculture, and improve the quality of our air, water, soil, and habitat.
As the USDA’s primary private lands conservation agency, we generate, manage, and share the data, technology, and standards that enable partners and policymakers to make decisions informed by objective, reliable science.
And through one-on-one, personalized advice, we work voluntarily with producers and communities to find the best solutions to meet their unique conservation and business goals. By doing so, we help ensure the health of our natural resources and the long-term sustainability of American agriculture.
Farm Production and Conservation (FPAC) is the Department’s focal point for the nation’s farmers and ranchers and other stewards of private agricultural lands and non-industrial private forest lands. FPAC agencies implement programs designed to mitigate the significant risks of farming through crop insurance services, conservation programs and technical assistance, and commodity, lending, and disaster programs.
The agencies and service supporting FPAC are Farm Service Agency (FSA), Natural Resources Conservation Service (NRCS), and Risk Management Agency (RMA).
For more information please see www.usda.gov.
Prescribed Grazing, Practice Code 528, nrcs.usda.gov/wps/portal/nrcs/detail/national/programs/?cid=nrcs144p2_027164
USDA Photo by Lance Cheung.
Agenda, Wednesday, June 5
0830 Registration of Participants
0900 Welcoming Remarks
Mr. Ernest Z. Bower
Senior Adviser and Sumitro Chair for Southeast Asia Studies
Center for Strategic and International Studies
0915 Presentation: "The South China Sea in Focus"
Mr. Gregory Poling
Research Associate, Sumitro Chair for Southeast Asia Studies
Center for Strategic and International Studies
0945 Break
1015 Significance of the South China Sea Dispute
Speakers:
Dr. Patrick M. Cronin
Senior Advisor and Senior Director, Asia-Pacific Security Program
Center for a New American Security
Mr. Alexander Metelitsa
Economist
Energy Information Administration, U.S. Department of Energy
Mr. Murray Hiebert
Deputy Director and Senior Fellow, Sumitro Chair for Southeast Asia Studies
Center for Strategic and International Studies
Moderator:
Mr. Ernest Z. Bower
Senior Advisor and Sumitro Chair for Southeast Asia Studies
Center for Strategic and International Studies
1145 Break for Lunch
1200 Luncheon & Keynote Speech
Keynote Address:
Mr. Joseph Y. Yun
Acting Assistant Secretary for East Asian and Pacific Affairs
U.S. Department of State
Moderator:
Mr. Ernest Z. Bower
Senior Advisor and Sumitro Chair for Southeast Asia Studies
Center for Strategic and International Studies
1315 Break
1330 Recent Developments in the South China Sea
Speakers:
Dr. Wu Shicun
President
National Institute for South China Sea Studies
Dr. Renato C. De Castro
Professor
De La Salle University
Dr. Yann-Huei Song
Research Fellow
Institute of European American Studies
Dr. Tran Truong Thuy
Director, South China Sea Studies Program
Diplomatic Academy of Vietnam
Moderator:
Mr. Murray Hiebert
Deputy Director and Senior Fellow, Sumitro Chair for Southeast Asia Studies
Center for Strategic and International Studies
1500 Break
1515 South China Sea in Regional Politics
Speakers:
Amb. Hemant Krishan Singh
Wadhwani Chair in India-U.S. Policy Studies
Indian Council for Research on International Economic Relations
Vice Admiral Hideaki Kaneda, JMSDF (ret.)
Director, The Okazaki Institute
The Japan Institute for International Affairs
Dr. Carlyle A. Thayer
Emeritus Professor
University of New South Wales, Australian Defense Force Academy
Dr. Donald K. Emmerson
Director, Southeast Asia Forum
Stanford University
Moderator:
Mr. Murray Hiebert
Deputy Director and Senior Fellow, Sumitro Chair for Southeast Asia Studies
Center for Strategic and International Studies
1700 End of Day One
Agenda, Thursday, June 6
0800 Registration of Participants
0900 Role of International Law in Managing the Disputes
Dr. Xinjung Zhang
Associate Professor of Public International Law
Tsinghua University Law School
Mr. Henry S. Bensurto, Jr.
Secretary General, Commission on Maritime and Ocean Affairs Secretariat
Department of Foreign Affairs, Philippines
Dr. Peter Dutton
Professor and Director, China Maritime Studies Institute
U.S. Naval War College
Dr. Nguyen Dang Thang
Vietnam Lawyer’s Association
Moderator:
Mr. Ernest Z. Bower
Senior Advisor and Sumitro Chair for Southeast Asia Studies
Center for Strategic and International Studies
1030 Coffee Break
1045 Policy Recommendations to Boost Cooperation in the South China Sea
Ms. Bonnie S. Glaser
Senior Adviser for Asia, Freeman Chair in China Studies
Center for Strategic and International Studies
Mr. Leonardo Bernard
Research Fellow, Centre for International Law
National University of Singapore
Mr. Christian Le Miere
Senior Research Fellow for Naval Forces and Maritime Security, Defense and Military Analysis Program
International Institute for Strategic Studies
Moderator:
Mr. Ernest Z. Bower
Senior Advisor and Sumitro Chair for Southeast Asia Studies
Center for Strategic and International Studies
1215 End of Conference
Businessman on a ladder managing the growth of a money as a dollar sign on stacked books, concept
License at www.paya.com/photos/1110983
The BLM manages about 864,000 acres in its Medford district and some of that land includes portions of the famous Pacific Crest Trail, or PCT.
The 43-mile stretch of PCT in southern Oregon includes countless scenic views and well-known recreation points: Mount Shasta; Pilot Rock, Hyatt Lake; Soda Mountain Wilderness; and the Cascade-Siskiyou National Monument, to name a few.
Hikers will also be able to experience a variety of natural environments, from wildflower meadows to old growth forests and rocky bluffs.
This photo was captured in the summer of 2015.
How to access the PCT on southern Oregon public lands managed by the BLM: www.blm.gov/or/resources/recreation/csnm/csnm-pct.php
Managing Director Kristalina Georgieva participates in a zoom call on Mobilizing with Africa during the 2020 Annual Meetings at the International Monetary Fund in Washington, DC, on October 9, 2020. IMF Photo/ Cory Hancock
We have had more Caper White Butterflies than usual lately and this afternoon my husband brought it to my attention that there were quite a few on one of our Robyn Gordon Grevillea. They were acting frantic and on close inspection I noticed that they were laying their eggs. There was a breeze blowing so keeping anything in focus wasn't easy but I did manage to take these shots. Now I will be watching for the eggs to hatch etc so I can take photos.
Have you had a swarm (kaleidoscope) of these butterflies in your area lately?
So far I have heard of this happening around the Glasshouse Mountains Qld., Barrow Creek NT, Caboolture to Villenueve Qld and around Geelong in Victoria. At first, from a distance, we thought they were the Cabbage White Butterfly.
Oddly enough no birds seem to be catching and eating these butterflies. If you know why then I would love to read your comment.
Managed to get a few shots of this handsome Stoat!!
He had a wonderful shiny coat & a lovely black tip on his tail.
IMF Managing Director Christine Lagarde is having a panel discussion on “European Economic Integration: Taking Stock of Challenges and Opportunities” at Vilnius University, July 18, 2013.
Photo by Vygintas Skaraitis (BFL)
Ukraine has something to be proud of in the issue of fighting the COVID-19 pandemic, because, despite serious problems in the healthcare system, it has managed to reduce the number of infection cases and increase payments to health workers. This was announced by President Volodymyr Zelenskyy in his speech at the All-Ukrainian Forum "Ukraine 30. Coronavirus: Challenges and Responses".
Managed to get a little time in at the torch this weekend for a special order.
wanderingspiritdesigns.blogspot.com/2012/09/torching-week...
Managing Director and Chief Operating Officer of the World Bank, Sri Mulyani Indrawati, visits projects in Brazil. She visited Zilda Arns Health Clinic at Complexo do Alemao slum in Rio de Janeiro. The public clinic was founded in 2010 and serves around 40,000 low-income residents. Photo: Marco Antonio Teixeira / World Bank
Managed to get this done between changing nappies! Farish N gauge 47/7 given the weathering treatment.
Managing Director Kristalina Georgieva meets with President of the European Commission Ursula von der Leyen.
IMF Photo/Lena Mucha
27 August 2021
Berlin, Germany
Photo ref: 20210827-DSC_0601.jpg
ReACT Sofia, organized by EP Information Office in Bulgaria: Rossitza Wartonik, managing director of the Financial Literacy Initiative foundation
More information: www.europarl.bg/reactsofia
Quality of life: from safe food to data protection
What does quality of life mean for you? Safe food? Accessible medical care? Breathable air and clean environment? Strong consumers’ rights? Or knowing that your data and privacy are safe? European Parliament holds improving of the quality of life in the EU high on its agenda. Read more here and follow 4th ReACT conference on quality of life on 23 January in Rome live!
In the past few years, European parliament worked on wide range of rules to improve the quality of life in Europe: ensuring safe and accessible medicines and medical treatments, strengthening passenger rights, enabling consumers to buy clearly and correctly labelled food, cutting CO2 emissions and preventing other environmental pollution, but also making sure that privacy of European citizens is protected and their data safe. Read more in our Top Story.
Three of those topics: environment, health and food and the “European way” to protect them are to be debated during fourth ReACT conference “Cutting Quality of life: past, present and future” that takes place on 23 January in Rome. Chef Carlo Cracco, climatologist Riccardo Valentini and Professor Michele Mirabella present their points of view and debate them with the audience. Conference is moderated by geologist Mario Tozzi. Follow live and comment #Reactroma via links on the right.
ReAct Roma is the fourth in a series of five interactive conferences on subjects vital to the EU, ahead of the European elections in May 2014. They take place in different European cities where opinion leaders will share their ideas about today's issues. Previous events were dedicated to jobs and employment (15/10 Paris), EU in world (14/11 Warszawa), EU and finances (5/12 Frankfurt). The fifth event will be about EU and economy and will take place on 20/2 in Madrid.
Streaming ReACT Rome, 23 January 19:00
www.europarl.it/view/it/react.html
ReACT Rome: web site in IT
This photo is free to use under Creative Commons license (CC) and must be credited: "© European Union 2014 - European Parliament" (Attribution-NonCommercial-NoDerivs Creative Commons license). For HR files please contact: webcom-flickr(AT)europarl.europa.eu
Andy Chyba -
Speech
This campaign has dominated my life for the last 3 years and for long periods of that I wondered whether we had any chance of prevailing against the power and influence of the oil & gas lobby and their allies in Government, but I am here today to tell you that I am now totally convinced that we will prevail and prevent the devastation that this industry brings.
Why am I so confident? What has become clear in recent months is that this issue resonates with people, with voters, across the political spectrum in a way that issues like climate change have singularly failed to manage.
Despite the fact that climate change science is established and only challenged by the loony right-wing fringe; despite the fact that the arguments have been won and just about every world leader now acknowledges that we are well on course for catastrophic climate change, within the lifetimes of most people alive today; despite this no major country has found it politically possible to do anything like enough to avert the impending calamities.
We have been preaching about climate change for decades and instead of weeing in the wind, we look destined to be pissing in the coming gales for all we seem capable of achieving on this issue. The threat simply does not seem obvious, immediate or personal enough to influence people’s votes.
But fracking is different. It does, of course have a critical climate change dimension, but voters of all persuasions are beginning to realise what is at stake, especially when it pitches up in their back yards.
Witness the reaction in the Tory heartland around Balcombe. Fracking was fine when it was up in the desolate North, as the profits being made would boost their dividend payouts and pensions funds. But bring it to their doorstep and all of a sudden it is their water turning shades of green and black, it is their health being threatened, it is their leisure and tourism and agriculture being ruined, and perhaps most tellingly of all for fans of capitalism, it is the value of their prized capital assets, their property, that is being decimated and made unsellable.
This is why they have welcomed us with open arms when we visit the Balcombe camp and recognise the sacrifices being made by people like Frances Crack and Caroline Lucas in risking their liberty for the cause.
We don’t fight for these people though. As eco -socialists, we in the Green Party and Plaid Cymru have long recognised that any environmental threat tends to be a socialist issue. Who is it that disregards the environmental consequences beyond ensuring they have a big enough compensation kitties for when it goes tits up?
BP were able to establish a $20 billion compensation fund straight after the Deepwater Horizon disaster (a disaster they had insisted could never happen) and it barely caused them a moments inconvenience. Meanwhile thousands of fishermen have lost their livelihoods and way of life forever; the tourism and hospitality industries, and the poorly paid people within it, have taken massive hits, while those with lawyers and accountants milk the compensation pot.
You see, it always the little guys that are ultimately made to pay for the mistakes of the big guys. Sound familiar? Here in austerity Britain?
So, we have voters from the left and the right finding common ground in opposing fracking, and we even have Conservative AMs championing the precautionary principle if we are to believe Suzy Davies. What a pity they are in opposition, I bet she hopes we think.
Which leaves us to consider the middle ground of the political landscape. And for that we need look no further than over my shoulder. This is, of course, crediting Carwyn and his mates with not quite being the Red Tories we see in Westminster, but where has been the leadership the Welsh people deserve on this issue?
Many of us here today have written to Carwyn, he is after all my AM in Bridgend, and what do we get? We get him peddling the ultimate myth of the fracking apologist, regarding, and I quote his letter directly: “the role that gas will have as a key transitional fuel as we move to a low carbon energy system”.
This only ever had any traction if we were to burn gas instead of coal, but there is absolutely no evidence of this happening – coal production has continued apace in the USA and a drop in coal consumption, in the capitalist world, only means a drop in price and greater demand and consumption in other, poorer, parts of the world.
The latest research coming out of the London School of Economics tells us that we have to leave between 60 and 80% of current known reserves in the ground if we are to stand a chance of avoiding catastrophic climate change. Wake up Carwyn – the very last thing we need is to keep looking for ever more extreme forms of fossil fuels.
If we had proper leadership here in Wales, we could be at the very forefront of the worlds low carbon economies given the staggering potential for renewable energy we have here in Wales – not just wind and solar, but ground source heating and biogas potential that would allow us to heat our homes a lot cheaper and safer than using shale gas – and not forgetting the near criminal waste of the second highest tidal range in the entire world rushing past our doors as regular as clockwork, just over there!
The latest multi-technology proposals suggest a readily available 14GW is going to waste everyday in the Bristol Channel – the equivalent of 4 Wylfa sized nuclear power stations, at least 10 Gas-fired power stations, or put another way – more than enough to meet the average consumption level of the whole of Wales today.
So what do we need? We need Carwyn to get his backside off the fence, get out here and listen to the hard cold facts of the matter rather than keep looking for a lead from the red Tories in Westminster that only ever give us slightly tamer versions of whatever the blue Tories say, and for him to recognise that we are not going away until we get the environmental and social justice of a ban on fracking in Wales.
Let’s hear you Carwyn! Thank you!
A coalition calling for a cross party motion on Shale Gas extraction Fracking in Wales.
Tues 24 Sept 2013, Y Senedd Cardiff Bay.
Twitter @nspugh twitter.com/nspugh
(further pictures and information you can see if you go to the end of page and by clicking on the link...)
Belvedere
Belvedere Castle. Garden Front of the Lower Belvedere.
Belvedere Palace stands supposedly on the foundations of a Roman camp that had been erected here for strategic reasons. In 1693 Prince Eugene of Savoy acquired field and vineyard grounds between today's Rennweg and today's Gürtel. In 1700 Johann Lukas von Hildebrandt began with the construction of a palace garden (Lower Belvedere), whose in French-style layed out park was equipped with large water basins, an orangery with precious foreign plants and a menagerie. Prince Eugene was a great animal lover, and some animals in his collection could be fed exclusively by himself.
1720 the Prince conceived the plan the summer palace to supplement by a another palace building on the hill of the garden.
The 1721 by Johann Lukas von Hildebrandt begun works had been completed in 1724. The Upper Belvedere served in contrast to the Lower only representative purposes and was never meant to live.
The Prince and his architect managed a perfect symbiosis between architecture and garden. After the death of the Savoy (1736) inherited his niece Victoria of Savoy-Soisson, nee Princess Hildburghausen, all his possessions. From her the Habsburgs beginning of 1752 acquired the Belvedere. From 1755 Empress Maria Theresa moved the Arcierenleibgarde (Royal Company of the Archers) and the Galician Guard in the annex of the Belvedere. Besides, the castle stood almost empty.
Belvedere Castle. Engraving by Salomon Kleiner 1731/40 (left).
Vienna from the Belvedere. Coloured copper engraving by Carl Schütz, 1784 (right).
1770 Belvedere Palace was venue of brilliant festivities:
In castle and park the marriage of Archduchess Maria Antonia (Marie Antoinette) with the Dauphin of France by proxy (per procura) was celebrated. About 2,000 people were invited, more than 1,500 bottles of champagne, which was far from home in Vienna at that time,
were emptied. For hospitality of the guests, there were round tables, which were covered with silver. However, the Court of Vienna had a large part of the silver service to rent of nobles, because the stocks of the silver chamber were not sufficient. Finished was the festival by a magnificent fireworks.
1776, the imperial picture gallery from the Stallburg (home of the famous Lipizzan stallions) was transferred to the Upper Belvedere, the animals of the menagerie came to Schönbrunn. Shortly before the Congress of Vienna in 1814 in the Lower Belvedere the Ambras Collection was exposed. During the war against Napoleon (1805-1809), much of the collection of paintings had to be outsourced. The Corsican claimed 400 masterpieces for himself, but which after his defeat at Waterloo to the Habsburgs have been restituted. The after the French wars completely neglected building has been restored 1850-1866.
Castle Park with Upper Belvedere. Photograph, around 1890.
1819 Emperor Franz II (I) the Institute of Botany, University of Vienna, had given spacious grounds for enlargement of the Botanical Garden at Rennweg. Franz was very interested in botany and in accordance with a Habsburg House bill - every Archduke must learn a civilian job - has been educated for gardener. In an adjoining garden of Schloß Belvedere he had from his private funds laid out a botanical garden ("Flora Austriaca") which was left to the Institute of Botany for use.
During the cholera epidemic of 1831, the Belvedere served as well as Schönbrunn Palace the imperial family as a refuge; supposedly one was there protected from the bad air, which was attributed to the onset of the disease. Both castles lay in the "countryside", the air was much better here than in the densely populated city. During wartime, a hospital was set up in the castle.
As the space for the imperial collections became too small, it was thought to expand the Upper Belvedere by wing buildings. This plan was dropped for aesthetic reasons, however. After the expansion of the city (razing of the bastions and glacis) arose on the ring road the newly created Court Museums; moved there in 1891 the major part of the paintings.
Archduke-Heir to the Throne Franz Ferdinand of Austria-Este at folk and children's party in the park of the Belvedere Palace. Photograph, 1905.
To 1893/94 it is likely that Archduke Franz Ferdinand has chosen the Upper Belvedere to his residence in Vienna. Other sources say that it had been assigned to him by the Emperor Franz Joseph as a place to stay in Vienna. The rooms have been restored, adapted for residential purposes and supplemented with neo-Baroque furniture. The heir of the Este collections furnished his residence with numerous works of art. He had envisaged the castle for the accommodation of his collections; in 1893 were numerous boxes from India and Singapore in Belvedere stored. 1894 Emperor Franz Joseph could see the collection: "Yesterday I went to the Belvedere, where Franzi showed me his now quite and very nicely prepared collections. The same are as imposing as interesting by the incredible amount of objects and by the rarity and beauty of them. I believe that this exhibition would be interesting for you", wrote the monarch to his wife, Empress Elisabeth. That same year, Archduke Franz Ferdinand showed his collections his future wife, Sophie Chotková,
"Where I unaware of your fatigue with particular brutality you dragged from box to box" as he apologetically from Budweis wrote to the Countess.
Then the collections moved one the one hand to the Palais Modena in the Beatrixgasse, on the other hand to Konopischt. Only in 1898, Franz Ferdinand was granted by Emperor Franz Joseph to move into the Belvedere as Vienna Residence. More revitalization works were carried out and were also necessary. Technical modernization and preservation of the original building condition had priority - as always with the projects of Archduke Franz Ferdinand. As furnishings served still preserved furnitures from Schloss Hof, which were supplemented by new ones in old style. The private rooms in addition to electric lighting were equipped with central heating.
Belvedere Castle. Staircase in the Upper Belvedere (left).
Marble plastic "Apotheosis of Prince Eugene" by Balthasar Permoser in Gold Cabinet of the Lower Belvedere (right).
If his presence was needed in Vienna, Franz Ferdinand here could lead a normal family life and escape the pressures of court ceremonial, in which the to him in morganatic marriage affiliated wife was exposed to the evils of the courtiers. When the heir to the throne invited guests to the Belvedere, he was sitting opposite his wife as a hostess while she was ranked in the Hofburg always after the latest unmarried Archduchess. About the cozy family life at Belvedere reported Prince von Clary-Aldringens:
"Aunt Sophie invited us ... to snack into a Belvedere, unexpectedly, suddenly appeared the Archduke - we literally froze in our Hab-Acht-position (stand at attention). He greeted us warmly ... [I got to know] the Archduke as a friendly landlord, who was playing and laughing with his Children..."
Between 1899 and 1914 in the Lower Belvedere the military bureau of the heir to the throne was housed. Other well-known Residents - but of outbuildings - were Anton Bruckner, who in 1896 died in the Kustodenwohnung (guardian house), and Richard Strauss, who lived here from 1925 to 1944.
After the assassination of the Archduke and his wife in Sarajevo, the Belvedere should serve as the residence of the new heir to the throne, Archduke Karl and his family. This, however, preferred living in Schönbrunn and especially in the villa Wartholz. In 1917, Charles' brother Archduke Maximilian moved with his family into the Belvedere.
During World War II the castle was badly damaged by bombs, but rebuilt after the war ended immediately. On 15 May 1955 was the Marble Hall venue of the signing of the Austrian State Treaty. Today, the Upper Belvedere houses important art collections.
Excerpts from
Thus lived the Habsburgs - Imperial and Royal Palaces in the
Austro-Hungarian Monarchy
Ingrid Haslinger, Gerhard Trumler
Christian Brandstätter Verlag mbH
The publishing service for museums, businesses and
public bodies
www.brandstaetter - verlag.at
Denomination of the summer residence which Prince Eugene of Savoy himself had erected btw Rennweg and Swiss Garden. The term which refers to the unique view over Vienna dates from the time of Maria Theresa. Prinz Eugen bought in 1697 a plot of land at the Rennweg, which he extended to 1721 in four stages to the current area. Between 1714 and 1716 emerged the Lower Belvedere It is an elongated ground floor building, designed of a 7-axes central projection, two wings and two corner pavilions. The 3-axis central pavilion houses the Marble Hall. The castle the only rarely in Vienna sojourning builder served during the summer months as a pleasure palace.
Only in 1720 commenced construction works for the Upper Belvedere, first drawings for this existed already in 1717. The in it extent and form language compared to the Lower Belvedere especially magnificent Upper Belvedere served primarily as a representative setting for grand receptions and festivities. The architectural history of the example due to the loss of the Eugenianischen Bauarchivs (construction archiv of Prince Eugene) cannot be explored in detail without any gaps. 1723 (according to Rizzi 1721/22) the Upper Belvedere s is considered complete. The architect Johann Lukas von Hildebrandt, who repeatedly worked for Prince Eugen, with the construction of the Belvedere has created his main work. It counts in its multiform architectonic as well as sculptural structure to the most important baroque buildings of the 18th century. The to the ensemble belonging, btw Upper and Lower Belvedere laying garden has been created by the Bavarian horticultural engineer D. Girard and today only in broad terms is original. The designs for the interior of the castle stem from C. le Fort du Plessy.
After the death of the prince the belvedere went into the possession of his sole heiress, Victoria Duchess of Saxe-Hildburghausen. She sold it in 1752 to Maria Theresa. At the behest of Joseph II from 1775 the imperial picture gallery was transferred here, which in 1781 for the first time was open to the public. had. Since 1806 was located in the Lower Belvedere the Ambras Collection. Both collections were in 1890 in the Museum of Art History transferred. In 1894, the palace became residence for the heir to the throne Archduke Franz Ferdinand.
After the first World War I the Republic of Austria in Belvedere installed the Austrian Gallery. 1945 suffered the Belvedere severe war damage. In 1950, the "Gold Cabinet" in the north-eastern corner pavilion of the Upper Belvedere was destroyed by fire and replaced by a copy. The since 1988 ongoing general renovation should have been completed in 1996.
aeiou - the cultural information system of the bm: bwk
14,000 key words and 2000 pictures from history, geography, politics and business in Austria
Austrian Gallery Belvedere
The in the center of Vienna situated Belvedere palaces with their extensive parks form an impressive baroque Gesamtkunstwerk. The Museum in the Upper and Lower Castle
provides an excellent overview of the Austrian Art from the Middle Ages to the present. the collections of the 19th and 20th Century also include an exquisite inventory of international art. World Famous works by Klimt, Schiele, Kokoschka, Renoir and Monet you can see in the upper
Belvedere, from where you can enjoy a spectacular view to the center of Vienna. In the historic rooms of the Lower Belvedere are shown works of art from the Middle Ages and Baroque.
Austrian Gallery Belvedere
Prinz Eugen -Strasse 27 , A - 1037 Wien
Phone +43 / ( 0) 1 / 79557-0
Fax +43 / (0) 1/79 84 337
Upper Belvedere
Collections of the 19th and 20th century
Prinz Eugen -Strasse 27 , A - 1037 Wien
Lower Belvedere
Baroque Museum, and Museum of Medieval Art
Rennweg 6a, A - 1030 Vienna
Testsieger Sport Road Pedelec März 2017: M1 Sterzing. Der Award wurde entgegen genommen von Thorsten Cornils, Managing Director, M1 - Sporttechnik GmbH & Co. KG.
Zum Artikel: extraenergy.org/main.php?language=de&id=90546
Test winner sport road pedelec March 2017: M1 Sterzing. The award was handed over to Thorsten Cornils, Managing Director, M1 - Sporttechnik GmbH & Co. KG.
Read the article: extraenergy.org/main.php?language=en&id=90547
Managed to get some of my photo's featured in What Digital Camera Magazine,
It's quite a thrill.... though I haven’t done a very good job of scanning the pages........ And I’m not really sure how I stand on copy write law :-).....
Softcat's managed service business runs from two data centres in London and Manchester; this includes their cloud service platform: Cloud Softcat. They've also recently invested in their Network Operations Centres in Marlow and Manchester.
Softcat was building an entirely new managed services business and wanted a solution that could be deployed quickly and scale to meet their needs. Of five solutions evaluated, NetIQ AppManager was the one that stood out. Softcat is using AppManager as an application and end-user experience monitoring solution, to undertake growth modelling, monitor their customers' infrastructure performance issues: CPU, disk space, processing speeds, etc.
Watch the video: bit.ly/131HGsY for more details.
I managed a whole hour's ride without any near death experiences. Definitely one for the diary.
I've been a cyclist for many years but in the last six months have been getting in far more rides than usual. And it seems that on virtually every ride I will have a close brush with death when some moronic motorist, who can't bear to slow down or wait a few seconds before passing safely, will go past me far too close or far too fast or, as happened two days ago, both.
Friday's NDE (near death experience) was the worst by far. I was cycling along a left hand bend when I suddenly heard a vehicle approaching at speed. Great speed. Then this van went past me doing around 60-70MPH, missing me by a matter of inches and also missing the van coming the other way by inches. At the time I mostly felt annoyance, but the following day I think the shock of it had kicked in and I felt really quite depressed and grumpy. After one of these NDEs happens it leaves me feeling like it's a matter of when - not if - I will be killed on a ride.
So today it was a pleasant surprise and a relief to get a ride in without a NDE.
strobist.com - 2 x elinchrom d lite 4 it, either side of subject, 66cm soft boxes, skyport trigger
We managed to get up to The Lake District for a few days at Easter. We got away from work on Good Friday afternoon and spent three hours covering 110 miles, the M61 and M6 were very slow or stopped. As ever once there we soon left the hassle behind. We were using a B&B that we used very regularly for ten years until the owner passed away quite suddenly. Now under new ownership it has been totally gutted and refurbished, it’s very nice but twice as expensive.
We were out in good time on Saturday, it was dull and cool but very calm. I’d deliberated for ages as to where to walk, wanting to avoid the worst of the Easter crowds. It was the busiest I’d seen the Lakes for a long time amd the North Lakes in particular had stunning weather, the South Lakes had dense fog in places until the afternoon and was much cooler – but not cold. Parking in Patterdale we headed up Arnison Crag, on to Birks aiming for St Sunday Crag. This was where it started to go wrong. I got a sudden pain in my right ankle, near a previous serious ankle injury, it’s not unusual to get a bit of pain in this ankle but it got worse. My ankle felt like it was in a vice. On the plus side the cloud which was very low initially was clearing higher at the same speed that we were climbing. We scrambled over Cofa Pike through some snow on to Fairfield and for a change the summit was clear with glorious views. I had to undo my gaiter and slacken my boot, my ankle was swelling and bruising. I took paracetemol and carried on – I didn’t have much choice really. We walked to Hart Crag out to Dove Crag, back to Hart Crag as we wanted to head down over Hartsop above How. We stopped for a quick sandwich and pot of lemon tea before heading down the rocky path. By now I was suffering but still able to walk fairly fast. The yomp back along the road to Patterdale was tough. We covered 11.5 miles in around five hours, which was OK for a first walk in the mountains for a while. We drove to Keswick wanting to get to Brysons tearooms for cake and coffee. Keswick was packed and sunny and we had to walk in half a mile, that was painful, my ankle was agony until I got it loosened up. Toasted Plum Bread, apple pie and ice cream and coffee made up for the grief.
On Sunday I knew I couldn’t walk much. I was applying Ibuprofen Gel regularly but it was going to be a car and camera day. There was dense fog when we set off so I decided we needed to be somewhere attractive when it started to clear, I just didn’t know when that was going to be. We drove into Langdale and the fog broke to reveal Blue sky and the top of the Langdale Pikes, it was fantastic. I immediately thought of Blea Tarn and drove up the pass out of Langdale. I expected to find, as is usual, tripods in a row, with photographers clicking away. There wasn’t a soul, it was so calm and peaceful – and beautiful – I couldn’t believe my luck. I limped as fast as I could to the Tarn, unfortunately an overnight camper, who I chatted with about the beauty, reflections and the camera I was carrying, did her best to encourage her dog into the water and she got in to get washed. It was so calm that the ripples would cross the entire tarn and spoil the photos. I shot as quick as I could, moving away from her all the time. I think I had around 15 minutes at the most before a breeze – that I couldn’t feel – started to ripple the water. The reflections disappeared and it was over. Without the bad ankle I would have missed this tranquillity as we would have been toiling up out first climb of the day. The fog stayed put in the South Lakes but we headed north over Dunmail Raise to blue sky and 17 degrees.
On Monday after 36 hours of Ibuprofen I felt that my ankle would stand a six or seven miler – but where? We had very thick fog in Ambleside so again I drove over Dunmail Raise and again it was fantastic. I could see the chance of some good photos around Thirlmere but I had to get waterside at a point where the view wasn’t obstructed with saplings and bushes growing out of the water. This was easier said than done, it took three attempts to get a decent location. I had reflections, hanging mist, water and mountains – and wet feet again, fortunately I had my walking boots and socks to put on for the walk ahead. After my photo chase we parked at Steel End and headed up the steep nose of Steel Fell. It’s a tough climb but the view over Thirlmere was great. We could see the wall of fog to the south and I was looking forward to getting to the top, hoping that we would be able to see over it with mountains poking out of a sea of white. This was exactly as it was, the Lion and the Lamb on Helm Crag looked like an island in the sea of mist. We walked along the ridge to Calf Crag with clear views to the north and a sea on mist to the south, it looked like the right choice again. We were going to head down Wythburn back to Thirlmere. Wyth Burn runs through a secluded hanging valley through an area called The Bog. I’ve walked down here a few times and at first glance it looks dry – they didn’t name it The Bog for nothing – it is extremely wet. It doesn’t matter how high you walk to avoid it – you can’t! We were wet above the gaiters by the time we got back and it was tough on the ankle. Brysons here we come, another beautiful hot day in Keswick but back to work tomorrow.
Managing Director Kristalina Georgieva participates in the CF40 Workshop, "Digital Money and the International Monetary System: Efficiency, Equity, and Stability" with Former PBOC Governor Zhou Xiaochuan from the International Monetary Fund.
IMF Photo/Cory Hancock
24 June 2021
Washington, DC, United States
Photo ref: CH210624015.arw
I managed to get the first ever shot of the Sydney Opera House light painted Red!
Nah, it was lit red for world aids day and I just so happened to be in town. I had no tripod so had to use my bag and a series of props to make shift a tripod for a few long exposures. This was just taken handheld though.
Thank god for the 5D's weather sealing and high ISO performance though. It was pissing it down and you couldn't get a decent hand held shot without going 3200+
Hang around for a shot of the Harbour Bridge too!
Some of the most productive forests in the world are managed by the BLM in western Oregon. The objectives of the O&C forestry program are to manage for a sustained yield of forest products and qualities needed to contribute to the economic stability of local communities, and continuing forest values and health. This vintage photo depicts forest management that took place in the BLM’s Eugene District in the 1980s.
The Eugene District of the Bureau of Land Management, now part of the Northwest Oregon District, extended from the Pacific Coast into the western slopes of the Cascade Range, and encompassed 316,000 acres. The Eugene District managed several ecosystems ranging from coastal inlands to dense Douglas-fir, hemlock, and cedar forests.
The Eugene District and the Salem Districts were officially consolidated into the Northwest Oregon District in 2016 and now collectively make up approximately 720,000 acres. The Northwest Oregon District stretches from the Cascades to the Pacific Ocean, where the historic Yaquina Lighthouse greets thousands each year.
To learn more about forestry in western Oregon head on over to: www.blm.gov/programs/natural-resources/forests-and-woodla...
To learn more about the Northwest Oregon District head on over to: www.blm.gov/office/northwest-oregon-district-office
Photo: Don Smurthwaite, BLM
Managing Director Kristalina Georgieva joins
Chrystia Freeland, Minister for Finance, Marc
Benioff, Chair and CEO of Salesforce, Larry Fink, Chair and CEO of BlackRock, Brian Moynihan, Bank of America in a discussion on the topic of Implementing Stakeholder Capitalism. The panel discussion was moderated by Gillian Tett, Editor and Chair of Editorial Board, Financial Times.
IMF Photo/Kim Haughton
26 January 2021
Washington, DC, United States of America
Photo ref: KH210126003
International Monetary Fund Managing Director Christine Lagarde holds a joint press conference January 10, 2014 at the conclusion of her trip in Bamako, Mali. Lagarde is on a two country visit to Africa. IMF Photograph/Stephen Jaffe
Managing Director Kristalina Georgieva and First Deputy Managing Director Gita Gopinath in discussion with FP Editor-in-Chief Ravi Agrawal
IMF Photo/Kim Haughton
22 March 2022
Washington, DC, United States
Photo ref: KH220322013.jpg
International Monetary Fund Managing Director Christine Lagarde walks from attending a seminar at George Washington University as part of the IMF/World Bank Annual Meetings October 10, 2013 in Washington, DC. IMF Photograph/Stephen Jaffe
Managing Director of the International Monetary Fund (IMF) Kristalina Georgieva (second left) talks with Minister of Communications and Informatics Johnny G. Plate (right) upon arrival at the VVIP I terminal of I Gusti Ngurah Rai Airport, Badung, Bali, Monday, Nov. 14, 2022. G20 Indonesia Media Center/M Risyal Hidayat/nym/ws/22.
First Deputy Managing Director Gita Gopinath, Petya Koeva Brooks, and Malhar Shyam Nabar provide the World Economic Outlook update.
IMF Photo/Cory Hancock
25 January 2022
Washington, D.C., United States
Photo ref: CH220125021.arw
I managed to grab a sequence of bracketed photos of one of the many gaming areas in The Bellagio before I got busted by security. Apparently you are not allowed to shoot the gaming area of the hotel without special permission. The reason there are no people in the shot is that I took this HDR series at about 4:30 am as I was coming back from my early morning photo jaunt of the Vegas Strip. This was shot with a Nikon D90 and a Tamron 10-24 mm lens. Three exposures processed with Photomatix, Qtpfsgui, Elements 7, and Noiseware.
Managing Director Kristalina Georgieva speaks during the Curtain Raiser event leading up to the Annual Meetings at the IMF Headquarters October 8, 2019 in Washington, D.C.. IMF Photo/Cory Hancock
International Monetary Fund Managing Director Christine Lagarde is shown on a television as she participates in the Kenya Private Sector Alliance in "Mindspeak", a forum for young entrepreneurs January 6, 2014 in Nairobi, Kenya. Lagarde is on a two country visit to Africa. IMF Photograph/Stephen Jaffe
Oesterreichische Nationalbank
Logo of the Austrian National Bank
Headquarters Vienna, Austria
Central Bank of Austria
Currency€
To ISO 4217 EUR
website
Previous Austro- Hungarian Bank
List of Central Banks
Oesterreichische Nationalbank, at Otto-Wagner -Platz No. 3, Vienna
The Austrian National Bank (OeNB), Austria's central bank as an integral part of the European System of Central Banks (ESCB) and the Eurosystem. It is instrumental in the design of the economic development in Austria and in the euro area. Legally, the OeNB is a public limited company.. However, it is also subject to further enshrined in the National Bank Act regulations resulting from its separate position as a central bank. In the framework of the Eurosystem, the OeNB contributes to a stability-oriented monetary policy. At the national level, it cares about the preservation of financial stability and the money supply and manage foreign exchange reserves to hedge against the euro in times of crisis. The guideline values in terms of the tasks of the Austrian National Bank are "security, stability and trust".
Contents
1 History
1.1 1816 to 1818
1.2 1818 to 1878
1.3 1878 to 1922
1.4 1922 to 1938
1.5 1938 to 1945
1.6 1945 to 1998
1.7 From 1999
2 The OeNB as a modern central bank
3 Legal form and organs
3.1 Legal framework
3.2 organs
3.2.1 General
3.2.2 General
3.2.3 Board of Directors
4 Tasks
4.1 Monetary policy strategies and monetary policy decision-making process
4.1.1 Economic analysis
4.1.2 Production of statistical information
4.1.3 Contribute to international organizations
4.2 Implementation of monetary policy
4.2.1 use of monetary policy instruments
4.2.2 Reserve Management
4.2.3 Money Supply
4.3 Communication of monetary policy
4.4 ensure financial stability
4.4.1 Financial Stability
4.4.2 Payment System Stability and payments
5 The OeNB in the European System of National Banks
6 President / Governors
7 See also
8 Literature
9 links
10 Notes and references
History
1816-1818
As long as 50 years before the founding of the National Bank the Habsburgs carried out first experiments with securities in the form of paper money. Finally, in the 18th Century the issue of banknotes transferred to a state independent institution, while the issue of paper money called "Banco notes," founded in 1705 by the "Vienna City Bank" took place in 1762.
In wartime governance took back control of the money issue, so there was an inflation of Banco-Zettel 1796-1810. The state ordered the forced acceptance of paper money in private transport, which led to a fast-growing discount on bills in the market. 1799 was therefore one for 100 guilders paper money only 92 guilders in silver coins, and at the end of 1810 the value of the paper florin had fallen to 15 % of the nominal value of the Banco-Zettel. Later, the Habsburgs declared a devaluation of the Banco-Zettel in the ratio of 5:1. This act was considered by the business community as a sovereign default, which the paper money experienced a rapid devaluation.
At the end of the Napoleonic wars the Habsburg multinational state ( → Habsburg Monarchy) faced a new challenge: the restoration of a European balance. Church, the nobility, the army and the bureaucracy as elements in the Ancien Régime were not sufficient to solve this problem, a well -founded economic situation was needed. Moreover, one could not ignore readily the laws of supply and demand.
In this regard, were the first June 1816 by Emperor Francis I two patents issued (later to distinguish the "main patent" or "bank patent"), the "privileged Austrian National Bank", conceived as a public company, had to constitute itself as soon a possible, propose the emperor three of its directors for selection of the governor and take up their activity provisionally on 1 July 1816.
The National Bank had henceforth a monopoly on the issuance of paper money, which led to a slowdown in the Austrian monetary system and an increase in the value of paper money. The economy was again a solid source of money keeping constant the value of money regardless of the spending plans of the State. The equity of the Bank justified this by share issues.
Initially comprised the activities of the bank - under temporary management - the redemption of paper money and the issuance of shares. The full effectiveness attained the National Bank until after the issue of 1,000 shares and the associated possibility of shareholders to set the management themselves.
1818-1878
On 15 July 1817 recieved the National Bank as the "first Bankprivilegium" the exclusive right to unrestricted issue of banknotes and in this context a special position in terms of Rediskontgeschäfts (rediscount business). Beginning of 1818 the definitive bank management was ready. Part of it were among leading figures of Viennese society, including the banker Johann Heinrich von Geymüller and Bernard of Eskeles. From 1830 to 1837 the Office of the Governor was held by Adrian Nicholas Baron Barbier.
In the countries of the Habsburg Monarchy, which were characterized in large part by an agricultural oriented activity pattern, some regions showed a lively commercial-industrial growth. The goal now was to create a system of economic exchange between these areas. Successively established the National Bank branch network and thus guaranteed a uniform money and credit supply. From its headquarters in Vienna this network extended over early industrial areas and commercial centers in Eastern and Central Europe to the northern Mediterranean.
Trade bills and coins were preferred assets of the National Bank, less the supply of money to the state. With the exchange transactions, the National Bank supported the economic growth of the monarchy and secured at the same time the supply of silver coins in the event that the need for these increases in exchange for bank notes, contrary to expectations. 1818 was the National Bank, however, by increasing public debt, due to high spending in times of crisis, not spared to make an increase in the government debt positions on the asset side of its balance sheet.
The patent provisions of the founding of the National Bank not sufficiently secured against the autonomy of governance. At the center of the struggle for independence, this was the question of the extent to which the issue of banknotes must be made on the basis of government bonds. In 1841, a renewal of Bankprivilegiums got a weakening of the independence by pushing back the influence of the shareholders in favor of the state administration. During the revolution of 1848/49 followers of constitutional goals received great support from senior figures in the National Bank. For about a hundred years, the Austrian branch of the Rothschild bank (from which from 1855, the "Royal Privileged Austrian Credit-Institute for Commerce and Industry", the later Creditanstalt, was born) was playing a leading role in the banking center of Vienna. Salomon Mayer von Rothschild was involved during the pre-March in all major transactions of the National Bank for the rehabilitation of the state budget.
Special focus the National Bank was putting on the development of the premium that was payable at the exchange of banknotes into silver money in business dealings. The increase, which corresponded to a depreciation of the notes issued by the Bank should be prevented. From an overall state perspective, the increase of the silver premium means a deterioration in terms of the exchange ratio towards foreign countries, influencing the price competitiveness of the Austrian foreign trade adversely. The stabilization of the premium were set some limits. Although the height of the emission activitiy was depending on the Bank, but also the price of silver and the potential effects of increased government debt materially affected the silver premium. Especially the 1848 revolution and conflicts in the following years caused an increasement of the silver premium.
Mid-century, the private banking and wholesale houses were no longer able to cope with the rapidly growing financial intermediation of the Habsburg monarchy. New forms of capital formation were required. From an initiative of the House of Rothschild, the first by the government approved and private joint-stock bank was created. This formation was followed in 1863 and 1864 by two other joint-stock banks, whose major shareholders included important personalities of the aristocracy, who possessed large liquid funds. Overall, grew with these banks the money creation potential of the "financial center of Vienna".
The central bank faced another difficult task: with its limited resources it had to secure sufficient liquidity on the one hand and on the other hand prevent the inflationary expansion of the money supply. Through close contacts with the shareholders of Vienna was a financial center (informal) ballot, especially in times of crisis, easily dealt out. In contrast, it gave differences of opinion in the Fed Board, which required enforcement of decisions.
In 1861, Friedrich Schey Koromla became director of the National Bank. On 27 December 1862 experienced the Bankprivilegium another innovation. The independence of the National Bank of the State was restored and anchored. Furthermore, was introduced the direct allocation of banknotes in circulation by the system of "Peel'schen Bank Act", which states that the fixed budget of 200 million guilders exceeding circulation of banknotes must be covered by silver coins. In 1866, when the German war ended in defeat for Austria, the compliance of the system was no longer met. The state felt itself forced to pay compensation for breach of privilege. This balance was supported by a law of 1872, after the National Bank may issue notes up to a maximum of 200 million guilders and each additional payment must be fully backed by gold or silver.
1873 the economic boom of the Habsburg monarchy was represented in a long-lasting rise in the share price. A now to be expecting break could by the behavior of the Vienna Stock not be intercepted, so it came to the "Great Crash of 1873". The in 1872 fixed restrictions of the circulation of notes for a short time have been suspended. Contrary to expectations, the money supply in crisis peak but only outgrew by nearly 1% the prescribed limit in the bank acts. The banks and the industrial and commercial companies survived the crash without major losses, although the share prices significantly lay below the initial level.
The years with high growth were followed by a period of stagnation.
1878-1922
As part of the compensation negotiations between Austria and Hungary in 1867, the National Bank was able to exercise fully their Privilegialrechte, the Kingdom of Hungary but now had the certified right, every ten years exercisable, to found an own central bank (bank note). As resulted from the first 10 -year period that furthermore none of the two parts of the monarchy wanted to build an independent money-issuing bank (Zettelbank), was built on 28 June 1878, initially to 31 December 1887 limited, an Austro-Hungarian Bank, and equipped with the Fed privilege. The first privilege of the new bank was a compromise in which on the one hand, regulations on liability for national debts as well as regulations limiting the influence of the government on banking businesses were included. 1878 Gustav Leonhardt was Secretary of the Bank.
The General Assembly and the General Council formed the unit of the bank management. Two directorates and major institutions - in Vienna and Budapest - represented the dual nature of the bank. 1892-1900 followed a long discussion finally the currency conversion from guilders (silver currency) to the crown (gold standard) with "Gold Crown" said coins.
Since the new banknotes were very popular in the public, now many gold coins piled up in the vaults of the Austro-Hungarian Bank. This period was characterized by a balanced combination of price growth and damping, the "per capita national product" grew while prices remained mostly stable. Against this background, it was easy for the Fed to encourage a new wave of industrialization.
With a third privilege in 1899 conditions were established under which the bank could be put into the financial services of the two countries, on the other hand there have been important innovations that paved a good exchange policy. By 1914, the exchange ratio of the Austro-Hungarian currency was unchanged with only minor fluctuations. In contrast, was the by conflicts marked political development.
The expansive foreign policy quickly led to high costs from which had to be shouldered by the central bank a significant part. The stability of the currency was in danger. Shortly after the beginning of World War I in 1914, laid down the Military Command to indemnify any seized property with double the price. There was an increasing scarcity of goods, connected with an ongoing expansion of the money supply and finally the increase in the price level on the 16-fold.
The resulting cost of the war of the Dual Monarchy were covered to 40% on central bank loans and 60% through war bonds. Over the duration of the war, the power force built up in recent decades has been frozen at the end of the conflict in 1918, the real income of the workers had fallen to one-fifth of the last year of peace.
With the end of the war the end for the old order had come, too. The decay of Cisleithania and Transleithania caused in several successor states, despite the efforts of the central bank to maintain the order, a currency separation (see Crown Currency in the decay of the monarchy, successor states). First, a separate "Austrian management" of the bank was introduced. It was encouraged to shoulder the shortcomings of the state budget of the Republic of Austria founded in 1918.
The new South Slav state began in January 1919 stamping its crown banknotes. The newly founded Czechoslovak Republic retained the crown currency (to date), but their printed banknotes in circulation as of February 1919 with indications that now these ar Czechoslovak crowns. (The country could an inflation as experienced by Austria avoide.) In March 1919, German Austria began to stamp its crown banknotes.
The Treaty of Saint-Germain-en-Laye of 10 September 1919, by Austria on 25 October 1919 ratified and which on 16 July 1920 came into force, determined the cancellation and replacement of all crown banknotes of all successor states of Austria-Hungary as well as the complete liquidation of the Austro-Hungarian Bank under the supervision of the war winners. The last meetings of the Bank took place mid 1921 and at the end of 1922.
After a period of overvaluation of the crown the dollar rate rose from 1919 again. 1921, had to be paid over 5,000 Austrian crowns per dollar. In addition to the significant drop in the external value existed in Austria rising inflation. End of 1922 was ultimately a rehabilitation program with foreign assistance - the "Geneva Protocol" - passed which slowed down the inflation.
1922-1938
With Federal Law of 24 July 1922 the Minister of Finance was commissioned to build a central bank, which had to take over the entire note circulation plus current liabilities of the Austrian management of the Austro-Hungarian Bank. With Federal Law of 14 November 1922, certain provisions of the law were amended and promulgated the statutes of the Austrian National Bank. By order of the Federal Government Seipel I 29 December 1922, the Board of the Austrian Austro-Hungarian Bank issued authorization for the central bank union activity with 1 January 1923 have been declared extinct and was made known the commencement of operations of the Oesterreichische Nationalbank this day.
The statutes of the Austrian National Bank (OeNB) secured the independence from the state, the independence of the Bank under exclusion of external influences and the corresponding equity. First, the stabilization of the Austrian currency was at the forefront. With the Schilling Act of 20 December 1924 was the schilling currency (First Republic) with 1 Introduced in March 1925, it replaced the crown currency. For 10,000 crowns now you got a shilling.
As an important personality in terms of the order of the state budget, Dr. Victor Kienböck has to be mentioned. He was in the time from 1922 to 1924 and from 1926 to 1929 finance minister of the First Republic and from 1932 to 1938 President of the Austrian National Bank. Through his work remained the Austrian Schilling, also beyound the global economy crisis, stable. Under this condition, the Fed was able to cope with the large number of bank failures of the past.
1938-1945
According to the on 13th March issued Anschlussgesetz (annexation law) , the Reichsmark with order of the Fuehrer and Chancellor of 17 was March 1938 introduced in the country Austria and determines the course: A Reichsmark is equal to one shilling fifty pence. On the same day, the Chancellor ordered that the management of the to be liquidated National Bank was transferred to the Reichsbank.
With regulation of three ministers of the German Reich of 23 April 1938, the National Bank was established as a property of the Reichsbank and its banknotes the quality as legal tender by 25 April 1938 withdrawn; public funds had Schilling banknotes until 15th of may in 1938 to accept. All the gold and foreign exchange reserves were transferred to Berlin.
The Second World War weakened the Austrian economy to a great extent, the production force after the war corresponded to only 40% of that of 1937 (see also air raids on Austria). To finance the war, the Reichsbank brought to a high degree banknotes in circulation, which only a great victory of the kingdom (Reich) actual values would have been opposable. Since prices were strictly regulated, inflation virtually could be "banned" during the war.
1945-1998
In occupied postwar Austria about 10 billion shillings by Allied military occupying powers were initially printed, which contributed to significant price increases.
With the re-establishment of the Republic of Austria by the Austrian declaration of independence of 27 April 1945, it came to the resumption of activities of the Oesterreichische Nationalbank. By the "Fed Transition Act" of July 1945 preliminary legal regulations for the operations of the Bank have been established. The restoration of the Austrian currency was their first big job. The goal was the summary of all currencies, which at the time were in circulation, and their secondment to a new Austrian currency. The "Schilling Act" of November 1945, the basis for the re-introduction of the Schilling (Second Republic) as legal tender in Austria. The next step was to reduce excess liquidity to make necessary funds for new business investment available and to make the external value of the shilling for the development of the economy competitive. First, however, less changed the inflationary situation and also the shilling was still significantly undervalued in relation to other currencies.
The "Currency Protection Act" of 1947 brought a significant change in the monetary overhang. Some deposits have been deleted without replacement, others converted into claims against the Federal Treasury. The following exchange operations also significantly reduced the amount of cash: banknotes from 1945 were canceled and exchanged for new schilling notes in the ratio 1:3. Only 150 shillings per person could go 1-1.
To control inflation, the social partners came to the foreground. The associations of employers and employees set in 1947 prices for supplies, wages were also raised. This was the first of the five "wage-price agreements" of the social partners. In 1952, inflation was held back by limiting the use of monetary policy instruments by the National Bank. Also, the external sector slowly relaxed after the end of the Korean War.
In 1955, the Austrian National Bank was re-established by the new National Bank Act as a corporation and the by the National Bank Transition of Authorities Act (Nationalbank-Überleitungsgesetz) established provisional arragement abolished. The National Bank Act stipulated that each half of the capital should be situated at the federal government and private shareholders. In addition to the independence of bank loans of the state, the new National Bank Act also contained an order that the central bank must watch within their monetary and credit policies on the economic policies of the federal government. From now on also included within the instruments of the National Bank were the areas open market and minimum reserve policy.
The Austrian economy increasingly stabilized, through good fiscal and monetary policy a high growth could be attained, with low inflation and long-term maintenance of external equilibrium.
1960, Austria joined the European Free Trade Association and participated in the European integration.
In the sixties came the international monetary system based on gold-dollar convertibility into currency fluctuations and political reforms were necessary. First, the loosening of exchange rate adjustments between several states was an option. However, U.S. balance of payments problems brought with it restrictions on capital movements, and then the Euro-Dollar market was born. In 1971, the convertibility of the U.S. dollar was lifted.
1975 interrupted a recession increasing growth time. International unbalanced ayments caused very extensive foreign exchange movements, whereby the intervention force of Austrian monetary policy has been strongly challenged. Their task now was to control the effect of foreign exchange on domestic economic activities to stabilize the shilling in the context of constantly shifting exchange rates and to control the price rise appropriately. Since the inflow of foreign funds reached to high proportions, so that the economic stability has been compromised, the policy went the way of the independent course design in a pool of selected European currencies.
The collapse of the economy forced the policy makers to a new course with active mutual credit control, subdued wage growth, financial impulses in supply and demand, and interest rates are kept low. This system of regulation, however, kept back the need for structural change, so it had to be given up in 1979. In the same year a fire destroyed large parts of the main building of the Austrian National Bank in Vienna. The repairs lasted until 1985.
Target in the eighties was to strengthen the economic performance using a competitive power comparison. The findings from the seventies stimulated the Austrian monetary policy to align the Schilling course at the Deutsche Mark to ensure price stability in the country. In addition, the structural change was initiated by inclusion in a large area. Stable, if not necessarily comfortable environment of monetary policy was a prerequisite, to secure the companies long-term productivity gains and thus safeguard their position in the economy.
Initially, this development stood a high level of unemployment in the way. Growth until the second half of the decade increased, at the same time increased the competitiveness and current accounts could be kept in balance.
In the nineties, the annexation of Austria took place in the European Community. 1995 Austria became a member of the European Union (EU) and joined the exchange rate mechanism of the European Monetary System. In 1998, the Central Banks (ESCB) have established the independence of institutions or bodies of the European Community and the governments of the EU Member States through an amendment to the National Bank Act of the Austrian National Bank to implement the goals and tasks of the European System. Thus, the legal basis for the participation of Austria in the third stage of Economic and Monetary Union (EMU) was created in 1999.
As of 1999
The Austrian National Bank, and other national central banks including the European Central Bank ( ECB), belongs to the European System of Central Banks.
On 1 January 1999 was introduced in the third stage of Economic and Monetary Union in Austria and ten other EU Member States, the euro as a common currency. The European Central Bank is henceforth responsible for monetary and currency policy, decisions in this regard will be taken in accordance with the Council of the European Central Bank.
Since May 2010, the OeNB is in full possession of the Republic of Austria, after originally lobbies, banks and insurance companies were involved with 50 % of the share capital in it. In 2011, the National Bank Act was adapted by an amendment (Federal Law Gazette I No. 50 /2011) in this circumstance, a renewed privatization is thus excluded by law.
The OeNB as a modern central bank
With the withdrawal from the retail business in the sixties as well as the first major internationalization and implementation of a strategic management in the seventies, the OeNB went on the way to a future-oriented central bank. Another major reform of banking began at the end of the eighties.
In terms of global development, the OeNB established in 1988 as a service company and expanded its guiding values - "security, stability and trust" - to the principles of " fficiency" and "cost-consciousness". The business center was optimized and strategic business experienced through targeted improvements a reinforcement. Be mentioned as examples are intensifying domestic cooperation in the area of payments by encouraging the creation of the Society for the Study co-payments (STUZZA), the liberalization of capital movements, the professional management of foreign exchange reserves, the improvement of the supply of money through the construction of the money center and the internationalization of business activities through the establishment of representative offices in Brussels (European Union), Paris (OECD) and the financial center of New York.
After Austria's accession to the EU in 1995, the OeNB participated in the European Monetary System (EMS ) and its Exchange Rate Mechanism. The integration in the third stage of Economic and Monetary Union (EMU) was the next step towards further development of policy stability. Since the conclusion of the Maastricht Treaty, the Austrian National Bank has very fully considered its role in the ESCB and created a basis for inclusion in the community. The profound economic and monetary policy of Austria was also a reference that qualified the OeNB to actively participate in the monetary future of Europe, a greater harmonization of the statistical framework and monetary policy instruments with a view to the euro system, the preparation of the issue of European banknotes, and the establishment of operational processes and organizational integration of business processes within the ESCB being specific objectives of the OeNB.
In the following, it came, inter alia, to the establishement of an economic study department, of an education or training initiative and to strengthen the position of payment transactions through the TARGET system.
A in 1996 created "OeNB master plan" provided important points for the upcoming transition to the euro.
In May 1998, a new pension system came into force, by which new employees were incorporated into a two-pillar model.
1999, Austria's participation in the third stage of EMU was manifest. The Austrian National Bank - as part of the ESCB - became the owner of the European Central Bank and received new powers in this context in the sense of participation in the monetary policy decision-making at the level of the European Community. With the introduction of the euro, monetary policy functions of the General Council have been transferred to the Governing Council. However, the implementation remains the responsibility of national central banks.
Activities of the Oesterreichische Nationalbank were or are, for example, the further professionalization of asset management, the expansion of the network of representative offices by opening a representative office in the financial center of London, preparation of the smooth introduction of euro cash in 2002 and the participation of the OeNB on the creation of the "A-SIT" (Center for secure Information Technology Center - Austria) and the "A-Trust" (society of electronic security systems in traffic GmbH ) in order to promote security in information technology.