Press statements by Prime Minister Dacian Ciolos in the context of the UK referendum

Dacian Ciolos: Good afternoon! I want to tell you that I have taken note with regret of the UK referendum results, but it is an option of the British citizens that we respect. In this context, I want to say first of all, that the message coming out also of the discussion I had with the President, the Governor of the National Bank, with political leaders, is that Romania wants to continue its European path and be a proactive actor of the EU process of evolution which will surely unfold following Great Britain’s decision. I want to say from a first analysis we have conducted, that there will be no immediate, significant economic impact on Romanian economy following this decision. Surely, we will continue to keep track of the evolution of the situation, we will continue to conduct analyses too. There will definitely exist an impact and developments in the situation in Romania too, and also in the economy, as it shall happen at European and international levels. The main message I want to convey now is that from an economic point of view, given our current situation, the level of integration of the trade policy, our exports or imports with the Union, between Romania and the United Kingdom, also in terms of mutual investments, we do not expect a significant short –term impact from the economic point of view.

Secondly, the message I want to convey especially to the Romanian citizens living and working in the Great Britain, is that there will be no immediate impact on their rights and obligations there, as Romanian citizens, therefore European citizens. The decision made by the British people today will be gradually implemented. According to the first anaylsis of the European institutions, it will take minimum two years to negotiate the framework and terms of the UK exit from the European Union, to the extent the authorities in Great Britain will formalize this referendum decision by a formal request they will need to make to European institutions. Therefore, the next stages entail this formal UK exit request, followed by negotiations between the European institutions and Great Britain. Romania will actively participate in these negotiations to make sure that the Brexit terms will be negotiated, and this will be done in the best possible conditions, in order to take into account our expectations too. Therefore, this process will be a lasting one, and will allow us to express our views. Until this process is not completed and formalized, Great Britain remains a full-fledged EU Member State, therefore, from this point of view, the Romanian citizens living and working  in the UK will further enjoy the same rights and obligations. On the other hand, it is clear that the European Union must evolve and, from this point of view, Romania is currently in the position in which it can fully and proactively participate in this process of evolution.

I think we should all learn lessons from the British people’s decision and act so that the European Union remains a construction project, a project that meets the expectations of citizens from Romania and other Member States, a project that is closer to what the states decided to continue together, and the messages conveyed so far show that the European Union wants to continue this construction process but this will have to happen considering more the citizens’ expectations.

As far as we are concerned, it also came out of the discussion with the political parties, the Government will feed the debate which hopefully will take place, a constructive debate in Romania too, regarding the EU evolution process and from this point of view, I think it is a fortunate coincidence the fact that the Government, as I have announced, is preparing two public debates with analyses that we will submit to talks, one on Romania’s economic development outlook on medium and long term, and it seems significant and I would emphasize on medium and long term, as in the current context, this discussion is more useful than ever, and a second debate project that we have announced and we have prepared, pertaining to Romania’s role within the EU, what Romania wishes as EU Member State.

In my opinion, this debate is more useful than ever, and will allow us to define the framework for discussions which will surely take place in the ensuing period, at European level. Furthermore, I want to remind that in 2019, Romania will ensure the presidency of the EU Council and, therefore, it will have the opportunity and even the responsibility to participate proactively in the redefinition and developments in the European Union, especially given that- as I have mentioned before – this process -UK exit from EU, will be gradually negotiated, in at least two years, so it will impact Romania’s EU Council Presidency one way or another.

In this context, returning to the economic situation, it seems important to me that Romania currently enjoys a good economic condition, and it is very important to make it — through the measures we take and our attitude in the ensuing period, both at Government and political class levels — an asset to increase Romania’s possible role and impact as a EU Member State in the forthcoming talks. From this point of view, I cannot but call to caution in the political decisions to be taken in this election year, especially the political decisions that might have an impact on the budget and the political decisions that generally might have an impact on the economy.

During a discussion held with the Vice Prime Ministers, the Minister of Foreign Affairs and the Head of Chancellery, I have already asked us to continue and deepen at the Government level now, to the extent we have more elements, the analyses we have started on the impact that the Brexit might have on Romania.

We will work and continue our analyses along three lines: economic, social and institutional and we will submit these elements to debate and talks.  We will inform you, because I think it is very important that the positions we build, the debates we organise be based on facts and elements as accurate and factual as possible, to keep this debate within reasonable limits of calm, prediction and predictability.

Thank you! We will further inform the citizens – as I have said –on the way things will evolve. There will be surely talks on next week’s European Council and certain decisions will be made. Depending on what the President will brief us following his participation in the European Council, the Government will continue to come up with more accurate information to support the forthcoming public debate and discussions.

Thank you!

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THE MORE VULNERABLE MEMBERS OF SOCIETY WILL BE WORST AFFECTED BY BREXIT

Economist and E-Cubed Consultants Executive Director Gordon Cordina shares his thoughts on the repercussions and complications which will arise when Britain leaves the EU.

“I think we are living through a short term debacle in the financial markets, similar but not quite as serious as that between September 2008 and March 2009, mainly generated by huge uncertainty about the future relationship between the United Kingdom, the EU and the rest of the world, and the integrity of between the constituent parts of the United Kingdom itself.”

“Quite possibly, Brexit would take the form of a mitigated separation between UK and the EU, where although politically the UK would not be a full member of the EU, it would still retain a Free Trade Area arrangement with limitations on the movement of persons. Getting there will be a waste of time and resources, including the costs of the instability which will be characterising the next few months.”

“It is a cost to pay to realise a political stance, where in a democracy, the people’s vote ultimately rules. The pity is that in this globalised world, the democratic decision of one population imposes costs on many others. I also expect that in the UK itself, it will be the more vulnerable members of society which will be worst affected by the overall economic slowdown that is on the cards.”

“As for the Maltese economy, a game changer such as the one we are going through will present threats but also opportunities. Exports of goods may suffer if tariffs in the UK are increased, tourism may decline if the UK economy deflates, but then again, we may be able to attract new business in areas where the UK may be losing competitiveness.”

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THE MORE VULNERABLE MEMBERS OF SOCIETY WILL BE WORST AFFECTED BY BREXIT

Economist and E-Cubed Consultants Executive Director Gordon Cordina shares his thoughts on the repercussions and complications which will arise when Britain leaves the EU.

“I think we are living through a short term debacle in the financial markets, similar but not quite as serious as that between September 2008 and March 2009, mainly generated by huge uncertainty about the future relationship between the United Kingdom, the EU and the rest of the world, and the integrity of between the constituent parts of the United Kingdom itself.”

“Quite possibly, Brexit would take the form of a mitigated separation between UK and the EU, where although politically the UK would not be a full member of the EU, it would still retain a Free Trade Area arrangement with limitations on the movement of persons. Getting there will be a waste of time and resources, including the costs of the instability which will be characterising the next few months.”

“It is a cost to pay to realise a political stance, where in a democracy, the people’s vote ultimately rules. The pity is that in this globalised world, the democratic decision of one population imposes costs on many others. I also expect that in the UK itself, it will be the more vulnerable members of society which will be worst affected by the overall economic slowdown that is on the cards.”

“As for the Maltese economy, a game changer such as the one we are going through will present threats but also opportunities. Exports of goods may suffer if tariffs in the UK are increased, tourism may decline if the UK economy deflates, but then again, we may be able to attract new business in areas where the UK may be losing competitiveness.”

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The Prime Minister Maris Kucinskis regrets the British withdrawal from the EU

Prime Minister Maris Kucinskis regrets the British referendum on EU membership results, while noting that the United Kingdom will continue to be an important ally of Latvia and international partner, which will maintain a close relationship.

Latvia will make every effort to protect their nationals and their business interests in the UK.

Latvian national status after the British official withdrawal from the EU will depend on further relations model for which negotiations will be agreed between the EU and the United Kingdom.

In the near future to enter into negotiations for the British withdrawal from the European Union rules and the future relationship model.

In those negotiations, the Latvian government will do its utmost to defend its national, Latvian nationals in the UK and the EU Member States’ common interests. Will be achieved for all parties concerned an acceptable solution.

Britain will continue to be an important ally of Latvia and international partner, which will maintain a close relationship.

This is unprecedented in the history of the EU, therefore, difficult to predict how long a call and British withdrawal process and how it will end.

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Minister Noonan welcomes S&P’s endorsement of Ireland

The ratings agency S&P Global Ratings has today issued an opinion that the decision of the UK to leave the European Union has no immediate impact on Ireland’s sovereign ratings. Accordingly, S&P have confirmed that Ireland is rated as investment grade.

S&P Global Ratings have highlighted that there will be negative effects but feel that Ireland is resilient. In forming their opinion on Ireland’s resiliency they cited in particular “Ireland’s strong institutions, predictable policy making, and improving external balance sheet.”

Speaking in Government Buildings today the Minister for Finance, Michael Noonan T.D. said:

“I welcome the assessment today by S&P Global Ratings that Ireland is resilient and that there is no immediate impact on the sovereign ratings of Ireland. This assessment is in line with my own advice that I communicated to cabinet this morning.”

“As I mentioned earlier today, the prudent economic and fiscal policies implemented over recent years have placed the State in a stronger position to weather economic shocks that may be caused by this result.”

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NTMA statement following UK EU referendum

The National Treasury Management Agency (NTMA) has issued the following statement following yesterday’s referendum on the U.K.’s membership of the European Union:

The NTMA will monitor developments in the bond markets in the coming days and weeks. However, Ireland’s funding position is strong due to the activities of the NTMA in the first six months of 2016 and the fact that it has limited financing needs for the rest of the year and indeed through the first six months of 2017:

  • The NTMA has already funded the majority of its requirement for 2016, raising some €6 billion of its full-year target of €6-10 billion. The NTMA will announce its funding plans for Q3, as scheduled, on 1 July.
  • The State’s cash balances exceeded €10 billion at the end of May.
  • The next bond redemption does not occur until October of next year (2017).

Ireland’s fundamental debt dynamics are strong and improving. This has been reflected by investors and has enabled the NTMA to borrow at attractive interest rates. These improved fundamentals have also led to Ireland regaining its A-rating with all the major credit rating agencies last month notwithstanding the possibility of this outcome in the referendum.

The Government has reiterated its full commitment to Ireland’s membership of the EU

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General Electric invested heavily in France

It’s the turn of General Electric to invest in software in France. The US group opened Monday in Paris its software cluster “Digital Foundry.” This will be his first R & D center dedicated to digital outside the United States. It is expected to employ 250 people by 2018. Paris “is a small Silicon Valley” is in part why the group chose France to Germany, industry 4.0 spearhead for this project.So Paris will be the key site GE Digital Europe like the Digital foundries Boston and San Ramon.The management and optimization of industrial assets through the cloud is a very buoyant market for GE, which initiated this strategic shift in 2011. The group aims to become one of the top ten software companies in the world by 2020. General Electric aims to achieve a turnover of $ 6 billion in 2016 in the software, an area where it records a growth of about 20%. In addition, the group will invest 35 million in Belfort to produce high power turbines. this industrial load uphill will create 500 jobs on the site.

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The government of the British referendum: British “no” to the European Union is a big loss

Stenbock House, 24 June 2016 – The Prime Minister and Foreign Minister Taavi garment Kaljurand regretted that the British decided to vote in yesterday’s referendum on the European Union by leaving.
“Of course, we respect the democratic choice of the British, but the decision to leave the European Union is inevitably disappointing. We need to do a British referendum for all of Europe conclusions and effort that we do not lose the unity of the European Union. Western unity and the common operational capability is of vital importance to us, “said the Prime Minister of the garment.
“For us it is important that a strong relationship between the European Union and the United Kingdom would continue and that the referendum will not be followed by a long period of political uncertainty and economic instability,” he explained.
Foreign Minister Rock Beach emphasized that the result of the referendum will not change in the UK and staying there intending to travel to Ireland for the citizens of the day off of something. The United Kingdom will continue as a member of the European Union to be presented, and then the resignation lahkumislepinguga culminating in the divorce process is carried out.
“It probably will take a final leave the European Union for several years, perhaps even longer define future relations. The referendum does not affect British membership in other international organizations, including the contribution to Estonia’s security in the framework of NATO, “said the foreign minister.
Taavi Rõivas estimated to be in the UK to deal with the outcome of the referendum in emerging economic risk minimization. ”The European Union and United Kingdom institutions must do all that is necessary to stabilize the situation and to minimize the economic impact of the euro-area countries, the economic and financial institutions,” said the garment.

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Global market for commercial applications of drone technology valued at over 127 billion dollars

The drone revolution is disrupting industries ranging from agriculture to filmmaking. According to a new study by PwC on the commercial applications of drone technology, the emerging global market for business services using drones is valued at over $127 bn.

With drones poised to have an impact on business operations of companies in a broad range of industry sectors, PwC has also established in Poland a global centre of excellence that uses drones and data analytics to help clients solve their business challenges.

Olga Grygier-Siddons, Chief Executive of PwC in Central and Eastern Europe, says: “I am very proud that we have developed a global centre of excellence right here in Central and Eastern Europe that uses drones and geospatial data analytics to help clients. This is the first PwC team of its kind anywhere in the world. If you ask me, it’s no surprise that this team was formed right here in our region. We see real change happening in the business culture of CEE.

“For a long time, business success in our region has been based on cost competitiveness, but now there is a real desire on the part of our clients and colleagues to compete instead on value, created through innovation.”

The application of drone technologies in existing business processes is allowing companies from those industries to create new business and operating models. Each industry has diverse needs, and as a consequence requires different types of drone-powered solutions and various drone functionalities. Some of them value flight speed and payload capacity, while others wish to concentrate on solutions delivering high-quality, real-time data in a cost-effective way.

Clarity from above

According to the PwC report Clarity from above, the addressable market value of drone powered solutions is over $127 bn. This is the value of current business services and labour that are likely to be replaced in the very near future by drone powered solutions, according to PwC predictions. The industry with the best prospects for drone applications is infrastructure, with total addressable market value of approx. $45.2 bn.

Predicted value of drone powered solutions in key industries – global view ($ bn)

Infrastructure 45.2
Agriculture 32.4
Transport 13
Security 10
Media & Entertainment 8.8
Insurance 6.8
Telecommunication 6.3
Mining 4.4
Total 127.3

Worldwide, drones equipped with cameras and sensors provide companies with more comprehensive data. They are also are involved in the transport and precise operational activities, exerting an increasing influence on business strategies of enterprises.

Drone-powered solutions are best suited to sectors that require both mobility and a high quality of data. Specifically, businesses that manage assets dispersed over large areas have a long history of issues that new drone powered solutions can address. Large-scale capital projects, infrastructure maintenance and agriculture can all benefit greatly from the integration of drones into day-to-day business. Insurance and mining will find potential process improvements as they gain new levels of data quality and accessibility. And the entire transport industry will surely change its concept of last-mile delivery.

One of the primary usage of drones is to supervise the ongoing investments and maintenance of existing infrastructure. Drones are also used in transport, for last mile services, as well as in agriculture, not only gathering and quickly analyzing data on land and crops, but also doing precise spraying of plants.

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Presidents of EU institutions agree statement on UK referendum

President Juncker has hosted a meeting in Brussels bringing together the Presidents of the European Parliament and European Council alongside the Dutch Prime Minister representing the Council Presidency. They published a joint statement on the UK referendum result.

In their statement, the Presidents call for strength and unity: “This is an unprecedented situation but we are united in our response. We will stand strong and uphold the EU’s core values of promoting peace and the well-being of its peoples. The Union of 27 Member States will continue.”

The statement calls on the British government to act swiftly, and sets out the next steps: “Any delay would unnecessarily prolong uncertainty. We have rules to deal with this in an orderly way. Article 50 of the Treaty on European Union sets out the procedure to be followed if a Member State decides to leave the European Union. We stand ready to launch negotiations swiftly with the United Kingdom regarding the terms and conditions of its withdrawal from the European Union.”

Regarding the status of the ‘New Settlement for the UK’, agreed in February this year, the statement is unequivocal: “As agreed, the ‘New Settlement for the United Kingdom within the European Union”, reached at the European Council on 18-19 February 2016, will now not take effect and ceases to exist. There will be no renegotiation.”

The statement also underlines that the UK remains an EU Member State until the negotiations are completed, “with all the rights and obligations that derive from this.” According to the Treaties, EU law continues to apply to and in the United Kingdom until it is no longer a Member.

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