National Bank of Romania
The National Bank of Romania is the central bank of Romania and was established in April 1880. Its headquarters are located in the capital city of Bucharest; the National Bank of Romania is responsible for the issue of the Romanian leu and as such it sets the monetary policy, holds the currency reserves and manages the exchange rate. The bank's first governor was Ion Câmpineanu. Eugeniu Carada is associated to the National Bank, as he was the founder of the bank and he was elected director of the bank, but he never accepted the role of Governor. In 1916, in the wake of the Central Powers' invasion, the valuables of the National Bank of Romania, together with many other valuables were sent to Moscow for safekeeping, but were never returned. On 28 July 1959, an armed group of six Jewish Romanian, members of the Romanian Communist Party apparatus were alleged to have stolen from an armored car of the National Bank of Romania 1,600,000 lei, it was the most famous bank robbery in the Eastern bloc.
Beyond accusations based on various ideological guidelines, no reasons for the alleged robbery, or for the Ioanid group to have perpetrated it, were given at the trial. Although the persons on trial were accused of intending to donate the money to Zionist organizations that would send Romanian Jews to Israel, the stolen sum was in lei, which at the time could not be exchanged for hard currency anywhere in the world. All these aspects, together with the numerous cases of sentences based on false accusations, have led most persons to doubt that any robbery took place or that those charged with the crime committed it; the head office of the National Bank of Romania with the view of Lipscani Street is one of the most imposing and massive bank edifices in Romania, nowadays a historic, art monument, protected as such. It was erected on the former site of the inn built by Șerban Cantacuzino. On 26 February 1882, architects Cassien Bernard and Albert Galleron were assigned the task to blueprint the BNR Palace.
The construction of the building in the eclectic style of the late 19th century, with some neo-classical elements, proceeded between 12 July 1884 and June 1890 under the direction of the architect engineer Nicolae Cerchez assisted by architect E. Băicoianu. With the façade on Doamnei Street, the new wing of the BNR Palace was built during World War II, after having laid the foundation stone back in 1937; the construction works carried on between 1942-44 under the direction of architect Ion Davidescu assisted by two other architects, Radu Dudescu and N. Crețoiu; the building is emblematic of the neo-classical style with rationalist influences that prevailed in the interwar period. It impresses by the monumental granite stairs, the huge Corinthian columns forming the façade, the large, white marble-coated halls inside the building; the main tasks of the National Bank of Romania are the following: to define and implement the monetary policy and the exchange rate policy. Economy of Romania Romanian leu Romanian Treasure, the Romanian gold reserves sent to Russia for safekeeping during World War One, but never returned.
Aktiengesellschaft is a German word for a corporation limited by share ownership whose shares may be traded on a stock market. The term is used in Germany and Switzerland, South Tyrol for companies incorporated there, it is used in Luxembourg, although the equivalent French language term Société Anonyme is more common. In the United Kingdom and the United States, the equivalent terms are "limited" and "incorporated", respectively; the German word Aktiengesellschaft is a compound noun made up of two elements: Aktien meaning shares, Gesellschaft meaning company or society. An English translation is thus "share company", or company limited by shares, or joint-stock company. In German the use of the term Aktien for shares is restricted to Aktiengesellschaften. Shares in other types of German companies are called Anteile rather than Aktien. In Germany and Austria, the legal basis of the AG is the German Aktiengesetz or the Austrian Aktiengesetz. Since the German commercial law requires all corporations to specify their legal form in their name, in order to inform the public of the limits on their liability, all German and Austrian stock corporations include Aktiengesellschaft or AG as part of their name as a suffix.
In Switzerland, the Company Limited by Shares is defined in Title Twenty-Six of the Code of Obligations. Article 950 specifies. German AGs have a "two-tiered board" structure, consisting of a supervisory board and a management board; the supervisory board is controlled by shareholders, although employees may have seats, depending on the size of the company. The management board directly runs the company, but its members may be removed by the supervisory board, which determines the management board's compensation; some German AGs have management boards which determine their own remuneration, but that situation is now uncommon. The general meeting is the supreme governing body of a Swiss company limited by shares, it elects the board of the external auditors. The board of directors may appoint and dismiss persons entrusted with managing and representing the company; the equivalent terms in other countries include the following, which mean either "share company/society" or "anonymous company/society".
Denmark – Aktieselskab Estonia – Aktsiaselts Norway – Aksjeselskap Sweden – Aktiebolag Finland – Osakeyhtiö Turkey – Anonim Şirket Argentina, Costa Rica, Peru and other Spanish speaking countries – Sociedad Anónima Portugal – Sociedade Anónima Brazil – Sociedade Anônima Bulgaria – Акционерно дружество, derived directly from the German AG Belgium, Netherlands – Naamloze Vennootschap Belgium, France – Société Anonyme Poland – Spółka akcyjna Italy – Società per Azioni United Kingdom – Public limited company United Kingdom - cymdeithas cyhoeddus cyfyngedig Croatia - dioničko društvo Romania – Societate pe acțiuni or "Societate anonimă" Russia – Публичное акционерное общество Greece - ανώνυμος εταιρεία Hungary – Részvénytársaság Gesellschaft mit beschränkter Haftung Fohlin, Caroline. "Chapter 4: The History of Corporate Ownership and Control in Germany". In Morck, Randall K. A History of Corporate Governance around the World: Family Business Groups to Professional Managers. University of Chicago Press.
Pp. 223–282. ISBN 0-226-53680-7. E McGaughey,'The Codetermination Bargains: The History of German Corporate and Labour Law' 23 Columbia Journal of European Law 135 Franks, Julian. "Ownership and Control of German Corporations". The Review of Financial Studies. Oxford University Press. 14: 943–977. Doi:10.1093/rfs/14.4.943. JSTOR 2696732. German Stock Corporations Act 1965 translation
Sveriges Riksbank or the Riksbank, is the central bank of Sweden. It is the third oldest bank in operation; the first part of the word riksbank, stems from the Swedish word rike, which means realm, empire or nation in English. A literal English translation of the bank's name could thus be Sweden's realm's bank; the bank, doesn't translate its name to English but uses its Swedish name the Riksbank in its English communications. The Riksbank began operations in 1668. Sweden was served by the Stockholms Banco, founded by Johan Palmstruch in 1656. Although the bank was private, it was the king who chose its management: in a letter to Palmstruch, he gave permission to its operations according to stated regulations, but Stockholms Banco collapsed as a result of the issuing of too many notes without the necessary collateral. Palmstruch, considered responsible for the bank's losses, was condemned to death, but received clemency. On 17 September 1668, the privilege of Palmstruch to operate a bank was transferred to the Riksens Ständers Bank and was run under the auspices of the parliament of the day.
Due to the failure of Stockholm Banco, the new bank was managed under the direct control of the Riksdag of the Estates to prevent the interference from the king. When a new Riksdag was instituted in 1866, the name of the bank was changed to Sveriges Riksbank. Having learned the lesson of the Stockholms Banco experience, the Riksbank was not permitted to issue bank-notes. In 1701, permission was granted to issue so called credit-notes"; some time in the middle of the 18th century, counterfeit notes began appearing, which caused serious problems. To prevent forgeries, it was decided that the Riksbank should produce its own paper for bank-notes and a paper-mill, Tumba Bruk, was founded in Tumba, on the outskirts of Stockholm. A few years the first commercial banks were founded and these were allowed to issue bank-notes; the bank-notes represented a claim to the bank without interest paid, thus became a considerable source of income for banks. Nonetheless, security in the form of a deposit at the Riksbank was required to cover the value of all notes issued.
During the 19th century, the Riksbank maintained a dominant position as a credit institution and issuer of bank-notes. The bank managed national trade transactions as well as continuing to provide credit to the general public; the first branch-office was opened in 1824 followed with subsidiary branches opening in each county. The present operational activities as a central bank differ from those during the 19th century. For example, no interest-rate-related activities were conducted; the position of the Riksbank as a central bank dates back to 1897, when the first Riksbank Act was accepted concurrently with a law giving the Riksbank the exclusive right to issue bank-notes. This copyright concluded its role and importance regarding monetary policy in a modern sense, as the exclusive right to issue notes is a condition when conducting monetary policy and defending the value of a currency. Behind the decision were repeated demands that the private banks should cease to issue notes as it was considered that the ensuing profits should befall the general public.
The Swedish currency was backed by gold and the paper-certificates could be exchanged for gold coins until 1931, when a specialized temporary law freed the bank from this obligation. This law was renewed every year until the new constitution was ratified in 1975 which split the bank from the government into a stand-alone organization not obligated to exchange notes for gold. In November 1992, the fixed exchange rate regime of the Swedish Krona collapsed. A few months in January 1993, the Governing Board of the Riksbank developed a new monetary policy regime based on a floating exchange rate and an inflation target; these policies were extensively influenced by assistance from the Bank of Canada, which had extensive previous experience controlling inflation, while being a similar small open economy subject to foreign exchange rate swings. From 1991 to 1993, Sweden experienced its most severe recession since the 1930s termed the "Swedish banking rescue", it forced inflation down to around 2%, inflation continued to be low during the subsequent years of strong growth in the late 1990s.
During the 2000s, the operations and administrative departments were downsized on behalf of the policy departments Financial Stability Department and Monetary Policy Department. A direct consequence of the changing times was that the Riksbank closed down all its branches in Sweden and outsourced the handling of coins and bills to a private company. Today the policy departments are the core of the central bank and they employ about half of the bank's 350 full-time posts; the motto of the Bank is Hinc robur et securitas, Latin for "Herefore strength and safety". Following its third centennial in 1968, the bank instituted the annual Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, awarded with the Nobel Prizes at the Prize Award Ceremony in Stockholm, on 10 December, the anniversary of Alfred Nobel's death; the Riksbank has a reputation for innovation among central banks due to implementing policies such as: On 2 July 2009, Sweden's Riksbank was the first central bank in the world to implement a negative interest rate, when it lowered its repo rate to 0.25%.
This caused its linked overnight deposit rate to be pushed down to −0.25%
German National Library of Economics
The German National Library of Economics is the world’s largest research infrastructure for economic literature, online as well as offline. The ZBW is a member of the Leibniz Association and has been a foundation under public law since 2007. Several times the ZBW received the international LIBER award for its innovative work in librarianship; the ZBW allows for access of millions of documents and research on economics, partnering with over 40 research institutions to create a connective Open Access portal and social web of research. Through its EconStor and EconBiz and students have accessed millions of datasets and thousands of articles; the ZBW edits two journals: Wirtschaftsdienst and Intereconomics. The ZBW is Germany's central subject research infrastructure for economics in Germany, its mandate is to acquire, to index, to archive theoretical and empirical literature and subject-specific information from economics and business studies, to provide access to these materials to the general public on a national basis.
The ZBW acquires all publications from related and auxiliary disciplines focussing on economics, in order to accommodate the increasing tendency towards interdisciplinary work in economic research. The ZBW is part of the system of national literature provision within the German Research Foundation; the ZBW holds 4.4 million items. The ZBW subscribes to more than 27,100 journals and enables access to 2.3 million electronic documents. The search portal. More than 134,000 full-texts from German research institutes and universities are available online and free of charge on the repository EconStor; the ZBW creates content-descriptive metadata not only for books, but for articles in journals and working papers, i.e. they are indexed with keywords from the Standard Thesaurus for Economics. The ZBW maintains the search portal EconBiz containing more than 10 million datasets of bibliographic references for economics and business studies; the ZBW offers an online reference service, Research Guide EconDesk, which provides guidance for literature and data searches in economics and business studies.
The ZBW is an active player in the Open Access movement which aims for free access to scholarly research output. It is the chief negotiator for national licences in economics in Germany; the repository EconStor serves as a platform for the free publication of research output in economics. Authors and publishing institutions can publish without charges on EconStor. More than 400 institutions use EconStor for the digital dissemination of their publications in Open Access, it is an input service for RePEc and one of its most used archives. All titles in EconStor are indexed by search engines such as Google, Google Scholar and BASE, distributed to databases such as WoldCat, OpenAire and EconBiz; the ZBW Journal Data Archive is a service for the editors of scholarly journals in economics. Editors can deposit datasets and other material relating to empirical articles and provide access to them in order to enable reproducibility of published research findings; the ZBW publishes two journals of Wirtschaftsdienst and Intereconomics.
The ZBW provides support for researchers dealing with the different aspects of the digitisation of the science system, such as publishing in Open Access or research data management. The ZBW participates in international projects to develop new services for its users. GeRDI – Generic Research Data Infrastructure; the project aims to develop a linked-up research data infrastructure. It aims to link existing and future research data centres all over Germany; this allows scientists to search for and re-use research data across disciplines and without barriers. The ZBW coordinates the project, funded by the German Research Foundation. Linked Open Citation Database; the project LOC-DB develops tools and processes based on linked data technologies that will enable individual libraries to participate in an open, distributed infrastructure for the indexation of citations. It aims to show that extensive automation of metadata creation can produce relevant added value to scholarly information discovery. Metrics: MEasuring The Reliability and perception of Indicators for interactions with sCientific productS.
The project focuses on gaining a deeper understanding of alternative indicators for measuring scientific performance. Under review are the quality and reliability of the indicators, but how far they are able to map discipline-specific differences. MOVING: the project aims to build a working environment for the qualitative and quantitative analysis of large collections of documents and data; the ZBW is the research partner for text and data mining and the scientific coordinator, contributes its expertise in the field of Science 2.0. Digital Imperial Statistics: Historical statistics are not available online. In this pilot project, the German Imperial Statistics 1873-1883 have been digitised and processed into a format that researchers can download for re-use in spreadsheets; this project is funded by the German Research Foundation. Digital preservation: Because of the rapid technical development of recent years, information is only available in digital form. At the same time, the hard- and software needed for reading this information becomes obsolete more rapidly.
Digital preservation ensures. To this end, the ZBW cooperates with two other German Libraries, the Leibniz Information Centre for Science and Technology (TIB
The Deutsche Bundesbank is the central bank of the Federal Republic of Germany and as such part of the European System of Central Banks. Due to its strength and former size, the Bundesbank is the most influential member of the ESCB. Both the Bundesbank and the European Central Bank are located in Germany, it is sometimes referred to as "Buba" for Bundesbank. The Bundesbank was established in 1957 and succeeded the Bank deutscher Länder, which introduced the Deutsche Mark on 20 June 1948; until the euro was physically introduced in 2002, the Bundesbank was the central bank of the former Deutsche Mark. The Bundesbank was the first central bank to be given full independence, leading this form of central bank to be referred to as the Bundesbank model, as opposed, for instance, to the New Zealand model, which has a goal set by the government. Nowadays, the ECB uses the Bundesbank model, making the concept the foundation of the entire Euro system; the Bundesbank was respected for its control of inflation through the second half of the 20th century.
This made the German Mark one of the most respected currencies, the Bundesbank gained substantial indirect influence in many European countries. The history of the Bundesbank is inextricably linked with the history of the German currency after the Second World War. Following the total destruction after the war, the old Reichsmark was worthless, a currency reform was implemented in the western occupation zones including West Berlin: on 21 June 1948, the D-Mark, or Deutsche Mark, replaced the Reichsmark; the currency reform was based on laws enacted by the Allied military government. In preparation, the Western Powers established a new two-tier central bank system in the occupied zones, it comprised the central banks of the states of the West German occupation zones and the Bank deutscher Länder in Frankfurt am Main, created on 1 March 1948. The central banks of the Länder acted as central banks within their areas of jurisdiction; the Bank deutscher Länder, whose share capital was held by the central banks of the Länder, was responsible for issuing bank notes, co-ordinating policy and various central tasks including management of foreign exchange.
The supreme governing body of the two-tier central bank system was the Central Bank Council set up at the Bank deutscher Länder. It consisted of a president, the presidents of the central banks of the Länder and the president of the directorate of the Bank deutscher Länder. Amongst other things, the Central Bank Council determined policy on bank rate and minimum reserve policy, open-market policy guidelines and granting of credit. After the negative experience with a central bank subject to government orders, the principle of an independent central bank was established; the Bank deutscher Länder was independent of German political bodies from the start, including the federal German government, active from September 1949. It achieved independence from the Allies in 1951; the German "Basic Law", which had come into force on 23 May 1949, placed an obligation on the German federal legislature to establish a federal bank responsible for the issue of bank notes and currency. The legislature fulfilled this obligation by passing the Bundesbank Act of 26 July 1957, which abolished the two-tier structure of the central bank system.
The central banks of the Länder were now no longer independent note-issuing banks, but became regional headquarters of the Bundesbank retaining the title "state central bank". The Central Bank Council remained the supreme decision-making body of the Bundesbank, it was now made up of the presidents of the central banks of the Länder and a board of directors based in Frankfurt. The Central Bank Council decided on the currency and credit policy and laid down rules for management; as the central executive body of the Bundesbank, the Directorate was responsible for implementing the decisions of the Central Bank Council. The Directorate ran the bank and was, in particular, responsible for dealings with the federal government and its "special assets", for transactions with credit institutes operating in the Federal republic of Germany, for currency transactions, foreign commercial transactions, for open-market dealings; the Directorate was made up of the president and the vice-president of the Bundesbank and up to six additional members.
The central banks of the Länder carried out business falling in their areas independently. The Bundesbank Act explicitly made them responsible for dealings with public bodies and credit institutes; the central Banks of the Länder controlled the subsidiary bodies, now called branches. Overall management of each Land central bank was in the hands of its executive board, which as a rule consisted of the president and the vice-president of the bank. In the wake of the Fall of the Berlin Wall, the Federal Republic of Germany and the German Democratic Republic signed a treaty on 18 May 1990, that created an economic and currency union between the two German nations; the Bundesbank was made responsible for money and currency policy within the whole of the currency union. A "Provisional Administration Body" was set up for the purpose of implementing the treaty, this body continued to operate beyond the official date of reunification until 31 October 1990. T
Bank of Lithuania
The Bank of Lithuania is the central bank of the Republic of Lithuania. The Bank of Lithuania is a member of the European System of Central Banks; the chairman of the bank is Vitas Vasiliauskas. Until 2015, the Bank of Lithuania was responsible for issuing the former Lithuanian currency, the litas. According to the Bank's official website, the Bank of Lithuania performs these primary functions: maintaining price stability. Formulating and implementing the monetary policy. Acting as an agent of the State Treasury.9 The Bank is governed by a board consisting of a chairperson, two deputy chairpersons and two members. According to The Bank of Lithuania official website, it is managed by Supervision Service. Economy of Lithuania Lithuanian litas Vladas Jurgutis Award The Bank of Lithuania
Hungarian National Bank
The Hungarian National Bank is the central bank of Hungary and as such part of the European System of Central Banks. The Hungarian National Bank was established in 1924 and succeeded the Royal Hungarian State Bank, which introduced the Hungarian forint on 1 August 1946; the Hungarian National Bank lays special emphasis on its international relations and on participation in the professional forums of international economic institutions and financial organisations. Its principal aim is price stability, but it is responsible for issuing the national currency, the forint, controlling the money in circulation, setting the Central Bank base rate, publishing official exchange rates, managing the foreign-exchange reserves and gold to influence exchange rates; the Governor of the Hungarian National Bank is appointed by the President of Hungary at the proposal of the Prime Minister for a six-year term. The most important decision-making body of the Hungarian National Bank is the Monetary Council, its building is located in Liberty Square, in the Inner City of Budapest, next to the U.
S. Embassy building; the MNB maintains a medium-term inflation target of around 3%. This is somewhat higher than the accepted level of inflation for price stability in Europe, it is used in order to allow for Hungary's "price catch-up" to the rest of Europe. Hungary's Central Bank Act states, "The primary objective of the MNB shall be to achieve and maintain price stability. Without prejudice to its primary objective, the MNB shall support the economic policy of the Government using the monetary policy instruments at its disposal". Demonetised or damaged currency can be exchanged in the bank's head office as well as its two regional offices. In the Austria-Hungary era the Austro-Hungarian Bank was the central bank of the Monarchy, but after World War I, it was dissolved and the new Royal Hungarian State Bank was established; the first independent Hungarian central bank, the National Bank of Hungary, commenced operations on 24 June 1924, in the form of a company limited by shares. Hungary's Central Bank Act founded the Hungarian National Bank.
The October 1991 Act on the National Bank of Hungary reinstated central bank independence. The Act LVIII of 2001 on the Magyar Nemzeti Bank established the Hungarian government and the MNB as the policy makers determining the exchange-rate regime. Since 26 February 2008, the forint has floated against the euro. Hungary was supposed to join the eurozone in 2010, which would have resulted in the MNB losing control of monetary policy, but central bank leaders criticized this plan, saying that the fiscal austerity requirements would slow growth. In December 2011 two of the three major credit rating agencies downgraded Hungarian long term currency debt to "junk status", due in part to changes to the Constitution of Hungary, creating doubts about the independence of the central bank. On 20 May 2016, Fitch Ratings upgraded Hungary's corresponding debt status to BBB-, assigning a stable outlook to the rating; the upgrade was motivated by, among other factors, high current account surpluses, high European Union fund inflows, banks' external deleveraging, the central bank's self-financing programme and foreign currency mortgage conversion reducing Hungary's external debt and financial vulnerability.
Economy of Hungary Hungarian forint Official site of Magyar Nemzeti Bank