Press Release
For Immediate Release
22 October 2007
Economist to Keynote ACTE Munich on Europe and the Global Economy
Alexandria, VA --
Dr. Norbert Walter, Chief Economist, Deutsche Bank and head of Deutsche Bank Research, will provide the keynote presentation at the Association of Corporate Travel Executives (ACTE) Global Education Conference in Munich, 21-23 October 2007 examining Europe and the Global Economy. Keeping in tune with the ACTE conference theme, Harnessing the Power of a €200 Billion Business, Dr. Walter will provide insights on the underlying trends in the European and global economies and their implications on the business travel industry.
In light of the first economic survey on the European Union by the Organisation for Economic Co-operation and Development (OECD) urging more economic reforms, faster progress towards a single market and criticism of continuing protectionism, the world’s largest economy will be undergoing major revamping through 2009. However, the process whereby the economic transformation will take place remains at issue. Just one day after the OECD report release, the European Commission (EC) unveiled its plan to boost liberalization of the energy markets. Yet the Financial Times and Harris Interactive September 2007 Poll results suggest a lack of faith in the EU economy from member states despite the recent growth. In fact, just under two-thirds of the French, 56 percent of the Italians and 45 percent of the Germans reported a lack of confidence when suggesting increased competition from rising economies in Asia, namely China and India. One thing that is clear is the lack of support for emulation of the US model. US-style capitalism was overwhelming rejected by Germans (78%), French (73%) and Spanish (58%) respondents; however, Britons and Italians were less critical of adapting this model with only 46 percent of respondents citing its use in the EU as inadequate.
Dr. Norbert Walter, a member of the Committee of Wise Men on the Regulation of European Securities Markets (“Lamfalussy group”), will discuss the implications of these concerns and global economic ongoing adaptations on the business travel industry. Dr. Walter’s keynote at ACTE on Sunday, October 21, 2007 will examine a multiplicity of issues including an observation of whether Europe will overcome integration fatigue, the EU addiction to the welfare state, establishing an effective single euro payments area, and the subprime impact on the global economy.
When reached regarding the ACTE Munich Conference, Dr. Walter commented, "The World Economy faces considerable challenges: US business slows down, emerging markets leave the back stage. Financial turbulences challenge banks. These new trends, high energy prices and substantial exchange rate corrections are keeping the business travel sector on its toes."
Additional information on Dr. Walter and the ACTE Global Education Conference in Munich, can be located at http://www.acte.org/events/Munich07/index.php.
For more information, contact:
Debbie Flynn
CEO
Brighter Group
The Pod, London's Vertical Gateway
Bridges Wharf, Battersea
London SW11 3BE England
T: 020 7326 9880
F: 020 7326 9890
E: [email protected]
W: www.brightergroup.com