Athens conference on 'Europe, the Mediterranean and the Euro' opens today
Regional-European Union, Economics, 2/3/2003

The conference "Europe, the Mediterranean and the euro" is opened today, Monday through Tuesday in Greece, Athens.

The conference's first session will be under the title " Overview of EU-Mediterranean and Gulf relations; has the EURO benefited Europe's southern neighbors? And the implications of an enlarged EU." The session will be chaired by Pedro Solbes -- members of the European Commission responsible for economic and Monetary Affairs. The speakers are Karim Nashashibi- International Monetary Fund -- senior resident representative for the West Bank and Gaza; Abdeltif Loudyi- Morocco ministry of Finance -- Director of the Treasury and Bernand Ziller- European Investment Bank- senior economist advisor.

The second session will be under the title of " financial market developments in the Mediterranean and the Gulf." It gives an overview of markets, the growth of EURO capital markets; the EURO and regional commercial banks; liberalization of capital movements in Mediterranean countries and the EU experience and; work on a single Gulf currency.

The chairman of this session is Jose Manuel Garcia- Margallo Y Marfil- Member of the European Parliament- Vice chairman of the economic and Monetary Affairs committee.

The speakers are Nasser al-Kaud- Gulf cooperation council- Director Money Banking and investment department and Sotirios Kollias -- European Commission -- head of Unit for Financial and capital investment.

The third and final session is under the title of the "Euro as an international currency." It deals with the foreign reserve asset management, the principles; the EURO as a foreign reserve asset; the institutions behind the currency; and tourism, energy and trade, which vehicle energy.

The session will be chaired by Nicholas C. Garganas, governor of the Bank of Greece -- Director -- Advisor Economic Research department.

The speakers are Fransesco Mazzaferro- European central Bank- principal economist- EU- Neighboring Regions advisor; Ted Lord- Barclays Capital markets; and Knut Kleivan- Rezidor SAS- Senior Vice President- Chief financial advisor. In a statement to Arabic News (ArabicNews.com) on this event, Syrian economist and member of the Syrian delegation to the conference Samir Seifan said that this conference is one of the activities by European Union to promote the introduction of the Euro to be a second international leading currency in the Mediterranean and Gulf countries.

This event, he added, has to present the experiences of the past 4 year from starting the Euro as a single currency for 12 countries and highlight the benefits created for European countries and for our countries, as well as potentials of benefits foreseen in the near and mid-term future.

"Our countries are interested to have another leading hard currency beside the US dollar, especially as the Mediterranean Arab countries have partnership agreement with EU, noting that the European Union is the main trade partner for the Arab states and that 65% of the Syrian export goes to EU and 35% of its import comes from it, " he commented. Seifan added that beside economic partnership, the EU is Syria's main political partner and it is invited to play an essential political role similar to its economic role.

However, economic and monetary relations between the European Union and the Mediterranean and the Gulf are intense and long standing. The EU is the Mediterranean countries' main trading partner and an important source of foreign direct investment and other types of financing. Remittances from Mediterranean workers employed in the EU and tourism from the EU are very large contributors to the economy and the current accounts of the region. Trade and overall economic ties between the EU and the Mediterranean are being intensified with the conclusion of Euro- Mediterranean Association Agreements. Relations with the Gulf are also being reinforced and there is a commitment to negotiate a Free Trade Agreement with the Gulf Cooperation Council. The EU is also following closely the project by Gulf Cooperation Council countries to establish a single currency by 2010.

The launch of the EURO in 1999 affected Global financing and exchange rate markets and the conduct of international transactions in general. The introduction of EURO notes and coins at the beginning of 2002 completed this process. In view of their links with the EU, it is time to take stock on how the launch of the EURO as an international currency has impacted the neighbors of Europe in the Mediterranean and the Gulf.

Moreover, the present conference will attempt to shed light on this important issue, through contributions by representatives of national administrators in the region, market participants, European and international institutions.

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