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ECB member says debt crisis responsibility with euro governments

ECB board member Peter Praet says responsibility for the resolution of the sovereign debt crisis lies with euro area governments.

Praet says “major progress” has been made in the areas of fiscal consolidation and governance framework, but was not complete yet.

He says: “Governments need to urgently implement their fiscal consolidation programmes and to accompany these with well-designed structural reforms in the labour and product markets.

“The new fiscal and macroeconomic rules of the European governance framework need to be implemented to the letter. And the crisis management mechanisms at the euro area level need to be designed so as to ensure financial stability in the euro area.”

Praet says the sovereign debt crisis has shown the eurozone countries are not insulated, with “spillover effects” from one member to the other enhancing the need for sound fiscal and structural policies.


Nest appoints RLAM for active sterling corporate bond mandate

Nest has appointed Royal London Asset Management to provide an actively-managed sterling corporate bond mandate. Nest says the mandate will be one of the “underlying building blocks” for the scheme’s ‘retirement date’ funds and ‘pre-retirement’ fund. The retirement date funds invest members’ savings based on their state pension age. The pre-retirement fund is designed for […]

Aviva Investors chief exec to step down

Aviva Investors chief executive Alain Dromer is leaving the company as part of a wider global restructure of the Aviva business. Aviva says its will recruiting a successor to Dromer (pictured) who will report to Aviva group chief finance officer Pat Regan. Regan will continue in his role as chief finance officer and will assume […]


Aviva Investors accidentally fires 1,300 employees

Aviva Investors accidentally fired 1,300 people via email on Friday before being forced to retract the message. The email, which was sent from the human resources department told 1,300 of Aviva’s global staff to surrender any company property as they left the building and reminded them that they were prevented from sharing any company secrets. […]

Franklin Templeton launches Africa fund for Mobius

Franklin Templeton has launched an African fund for star emerging markets manager Mark Mobius. The offshore Templeton Africa fund has received verbal approval from the Luxembourg regulator, the CSSF. The fund will aim for long-term capital growth by investing in African-listed equities or companies based elsewhere but with principal business activies in Africa. Mark Mobius, […]


White paper — Dubai International Insights

Jelf Employee Benefits discusses the legislative changes in Dubai, available medical facilities and policy considerations for employers with expatriate workforces in the country. This edition will be of particular interest to global human resource directors, compensation and benefits specialists and mobility managers who have employee populations in Dubai, or are considering operating there in the near future.


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