PMA Hosts a European Central Bank Executive Board Member

The Palestine Monetary Authority organized an economic seminar, presented by Mr. Benoit Coeure, an executive board member at the European Central Bank. The seminar addressed "Europe's Economic and Monetary Union - short and longer-term challenges", where Mr. Coeure reviewed ECB’s role in analyzing Europe’s financial crisis and its impact on the rest of the world. He discussed the challenges which the unified monetary policy encounters and ECB’s interaction with them, especially with the new mechanism which the ECB adopted for buying government bonds and their conditions. Mr. Coeure said that the imbalance of economic management has led to the financial crisis, which in turn drove countries to fall into debt, thus impacting the rest of the economic and social milieus. Mr. Coeure suggested solutions to the Euro crisis, which have been implemented politically and financially.

On the other hand, Mr. Coeure expressed his admiration and appreciation of what PMA has achieved. He commended the PMA's effort to maintain monetary and financial policies of Palestine, and indicated the vital role PMA plays in light of great challenges, which have not impeded progress in conducting monetary and financial policies according to the best international standards.

The seminar commenced with a speech by the PMA governor Dr. Jihad Al-Wazir, who introduced the guest and denoted how important it is to benefit from international experience and learn more about the economic challenges we face. Dr. Al-Wazir added that "The 2008 financial crisis has slightly impacted Palestine thanks to the precautionary measures that the PMA took and the financial policies it adopted to prevent the banking system, the Palestinian institutions and the public from falling into this crisis".

The participants of the seminar were Mr. Jan Rober SUESSER, director of Adetef project in Palestine, managers of banks operating in Palestine, heads of financial institutions operating in the country, economic experts, academics and heads of PMA departments. Several viewpoints were exchanged with Mr. Coeure, who addressed the questions of the audience.

After the seminar Dr. Al-Wazir, Mr. Coeure and Mr. Rober had a meeting with the Palestinian Prime Minister Dr. Salam Fayyad and discussed the economic issues and global financial crisis, and their impact on the Palestinian problem, along with other topics of common interest.

Mr. Coeure is one of six members of ECB’s executive board; he is also in charge of market, research, information systems, payments and infrastructure of the European market. Mr. Coeure assumed many important positions including as undersecretary of the French Ministry of Finance, manager of the Public Debt Department, and chairman of the World Paris Club. He delivered many seminars in his capacity as college professor, and published many articles and books about the economic policies, global monetary system and the EU economy.