Governor Wenzel in Sopot for European Financial Congress 2014
25 June 2014
SOPOT - The Governor of the Council of Europe Development Bank (CEB), Rolf Wenzel, participated in the 4th European Financial Congress, held in Sopot, Poland, from 23 to 25 June 2014.
The Congress agenda included thematic sections on the stability and development of financial markets, challenges for the development and implementation of banking regulation, and the sustainable financing of infrastructure.
Governor Wenzel took part in the debate “Is it possible to further integrate the EU politically and to increase the competitiveness of the European economy without ensuring financial security?”, which was part of the opening session of the Congress on 23 June. Also taking part in this debate were Yves Mersch, Member of the Executive Board, European Central Bank (ECB), and András Simor, Vice-President of the European Bank for Reconstruction and Development (EBRD).
In his introductory statement, Governor Wenzel said that recovery from the crisis was very slow and marred with soaring unemployment rates. “Increasing competitiveness and strengthening market integration within Europe is important”, he said. “Even more crucial, however, is to foster social cohesion across the continent and ensure that the social fabric of European societies does not break down because of high unemployment. The CEB, with its exclusively social mandate, is a major instrument of social cohesion and solidarity in Europe.”
Participants in the Congress included Government officials from European countries, representatives of international financial institutions, EU officials, and academics.
Set up in 1956, the CEB (Council of Europe Development Bank) has 41 member states. Twenty-two Central, Eastern and South Eastern European countries, forming the Bank's target countries, are listed among the member states. As a major instrument of the policy of solidarity in Europe, the Bank finances social projects by making available resources raised in conditions reflecting the quality of its rating (Aa1 with Moody's, outlook stable, AA+ with Standard & Poor's, outlook stable and AA+ with Fitch Ratings, outlook stable). It thus grants loans to its member states, and to financial institutions and local authorities in its member states for the financing of projects in the social sector, in accordance with its Articles of Agreement.