Anari / Worldview
Europe Meeting Schedule
October 14-23, 2001 - Paris, Frankfurt, London, Brussels
Actual Schedule of Meetings
and Persons Met
SUNDAY, OCTOBER 14, 2001 – PARIS, FRANCE
7:30 PM Dinner Cour
des Comptes, (like US General Accounting Office)
Gilles
Andreani, Conseiller Maitre
Over dinner we had a “double-header”, as this entity (akin
to the US General Accounting Office) audits the French Government and evaluates
whether its programs are fulfilling the intended parliamentary or presidential
purposes. In addition, speaker Gilles
Andreani has a distinguished background at the French Foreign Ministry, where
he helped create the Office of Policy Planning and served as Senior Policy
Advisor for 15 years.
MONDAY,
OCTOBER 15, 2001 – PARIS, FRANCE
8:00 Breakfast AXA Investment Managers
Jean-Pierre
Hellebuyck, Director of Investment Strategy
Matthieu Andre, Head of Investor
Relations Paris
To learn the views of a major French institutional investor,
we were hosted for breakfast by AXA’s veteran head of investments who directs a
16-person Strategy & Economics team that develops investment strategy,
handles asset allocation, and advises other specialty investment teams. He has been with AXA for 30 years, 23 of
them in the investment side of the house.
10:00 AM WEU
Institute for Security Studies
President Dr. Nicole Gnesotto
Dr. Burkard Schmitt, Charge de
Recherche
Dr. Julian Lindley-French, Charge
de Recherche
Dr. Antonio Missiroli, Charge de
Recherche
Dr. Marta Rutten, Charge de
REcherche
Director Dr. Nicole Gnesotto, a specialist in security
issues, served previously at the French Foreign Ministry as Deputy Director of
Policy Planning (Centre d’Analyse et de Prevision); was a professor at the famed Institute d’Etudes Politiques of Paris;
and has authored many publications on strategic issues and European
security. With her and her colleagues
we covered a wide range of European political, military, and security issues,
with considerable discussion of the policy consequences of the war on terrorism
and the current turmoil in the Middle East.
11:30 AM Credit
Lyonnais
Jean-Paul
Betbeze, Group Chief Economist, Head of Economics & Finance Research
This keen observer of the French and continental scene had
impressed us on a prior occasion, so we made a return visit to him this year
for his observations about the current global situation and the likely impact
and responses of the French corporate community and government. He also shared his distinctive views on the
British reaction to the Euro.
1:00 Lunch Banque
de France
Jean-Pierre
Patat, Director of Economics
Over lunch with the French Central Bank’s Director-General
of Economics, we assessed the French and European economic outlook, with
particular reference to the ancitipated economic effects on Europe of the US
slowdown before and since the September 11 World Trade Center tragedy.
3:00 PM Ministry of Economy, Finance
& Industry / Office of Mergers and State Aids
Jérôme
PHILIPPE, Head of Office of Mergers and State Aids (Directorate for Fair Trade)
(also met
briefly: Claudine SEGELLE and Eric CUZIAT – Chiefs, Bureau of Anti-Competitive
Practices)
To probe the politically and economically sensitive topic of
competition policy, we met with this French government office in charge of
mergers, state aid, and antitrust and competition policy in France. Later that week, this entire Office traveled
to Brussels for a policy harmonization session with Mario Monti and his European
Commission competition staff.
8:45 Dinner IFRI – French Institute for
International Relations
Dr. Thierry
de Montbrial, Founder / Director
Mrs. Marie Christine de
Montbrial (documentary film producer, wife of Director)
Dr. Remy Leveaux, Head of
Project on Muslim Migration into Europe
Philippe Colombani, Advisor to
the Director
Mrs. Dominique LeTourneur,
Advisor for Membership Affairs
Mrs. Marie-Claude de Santilere,
Advisor to the Director
Bertrand de la Chapelle, Advisor
to the Director
Mrs. Khadija Mohsen-Finan,
Chargee de Recherche, Muslim Migration Project
One of France’s most noted foreign policy authorities, Dr.
de Montbrial founded IFRI some 20 years ago and has served as its Director ever
since. IFRI analyzes and advises the
French Government and other entities on a wide variety of foreign policy and
defense issues. Joining Dr. de
Montbrial were several of his Institute colleagues in charge of the recently
published study on Muslim Migration into Europe, and other key Institute
directors and offiials.
TUESDAY,
OCTOBER 16, 2001 – PARIS, FRANCE
7:30 Breakfast MEDEF
(Organization of French Private Enterprise),
Konrad Eckenschwiller,
Director-General, International
The Mouvement des Enterprises de France represents more than
a milion businesses of all sizes and sectors of private business activity –
industry, commerce, and services.
Successor (since 1998) to the famous French business federation Patronat
(CNPF), the MEDEF takes positions on a wide variety of business issues,
including labor practices, tax and fiscal policy, competition policy, work
week, and more. Mr. Eckenschwiller, a
Stanford M.A. and Harvard MBA, worked previously in the private sector for a
number of companies, most recently Rhone Poulenc as International Director
(1991-96).
9:00 AM Ministry of Economy, Finance
and Industry
Alain
Quinet, Head of Macroeconomic Policy and Forecasts Division
Francois Coute, Head of Current
Economic Outlook Department, Forecasting Directorate
Benoit
Coeure, Economic Counselor, Treasury Directorate
This meeting embraced both the Forecasting Directorate
(future and current outlooks on the French economy) and the Treasury
Directorate, in charge of debt, currencies, international affairs, regulation
of the financial sector, and the Ministry’s operational policy. The three officials presented their analyses
and discussed policy prescriptions from an economic perspective.
3:35 PM Flight, Paris to Frankfurt,
Air France # 2218, arrive Frankfurt 5:00 PM
7:30 Dinner German private sector
business and capital formation
Dr.
Guenther Okon, President, Ionity Corporation, Dresden, Germany
Patrick
Schnitzer, Managing Director, ADL (Arthur D. Little) Ventures, Frankfurt,
Germany
Our dinner focused on the German private sector,
particularly the small and medium-sized businesses that undergird the German
economy. Many are undergoing capital
structure transformation or a generational ownership change as Germany becomes
more equity and venture capital oriented.
Ionity Corp., a start-up that manufactures new-technology batteries for
portable electronic devices -- is backed by venture capital from 3i Partners of
London, two major German industrial companies, and the German Government’s
enterprise growth fund fostering growth in eastern Germany. ADL Ventures is active in venture capital
deal-sourcing and funding in throughout Germany.
WEDNESDAY
OCTOBER 17, 2001 -- FRANKFURT, GERMANY
9:00 AM Deutschebank
Dr. Thomas
Fischer, Chief Operating Officer, Board of Managing Directors, & Director
of Risk Control
Dr. Wolfram
Schmitt, Director of Investor Relations
The eloquent Dr. Fischer, COO and Risk Control Director of
Deutschebank, shared his views on the September 11 crisis and aftermath,
Germany and Europe, banking consolidation, banking in the Euro era, and EU expansion
into East Europe. He also addressed
Deutschebank’s performance as a bank and as a national and global financier and
investor.
11:00 AM European
Central Bank (ECB) Dr. Wolfgang
Schill, Deputy Director-General, Economics
This meeting focused on the economic underpinnings of ECB
decision-making. The Deputy Director
gave his analysis of the Eurozone economy (writ large) and the various specific
issues and indicators that are most important in the economic directorate’s
thinking as it advises the ECB’s Monetary Policy Committee and Board. It was quite insightful into the factors
that trigger (or do not trigger) the
ECB board to take interest rate action.
12:30 Lunch: WCM Group, Hamburg,
Germany
Karl
Ehlerding, Chairman and Principal Owner
(Private Equity)
Clemens
Vedder, Investor / Partner with WCM in IVG, SDBK, AVA, SPAR and other buyouts
WCM is restructuring Germany’s corporate landscape by buying
stakes in underperforming DAX 100 companies and breaking them up or merging
them to enhance value. Several
prominent deals in the past 5 years have put Hamburg-based WCM on the map, and
German tax reforms and merger rules are expected to give the company additional
room to maneuver. These billionnaire
invesment partners / raiders are also the key people behind COBRA investment
group, which has accumulated a significant share of Commerzbank and seeks to
restructure its operations. The
meeting was insightful about the rising trend of corporate and financial
restructuring that needs to take place in Germany.
2:15 PM Bundesbank (German Central
Bank): Dr. Willy Friedman, Director
of International Economics
Though taking a side seat to the ECB, the Bundesbank is like
the New York Fed -- the “first among equals” as the largest and most influential
among several national central banks comprising the ECB. Dr. Friedman, Director of the Bundesbank’s
International Economics Division, is also a member of the European Commission’s
Economic Policy Committee. He gave us
his views on the current German economy, the possible consumption impact of the
citizenry’s exchange of Deutschemarks into Euros next January 1, and other key
topics.
6:30 PM Flight, Frankfurt to London, British
Air # 909, arriving London Heathrow at 7:05 PM
THURSDAY, OCTOBER 18, 2001 -- LONDON, U.K.
8:00 Breakfast The
Foreign Policy Centre
Mark
Leonard, Director
Tom Arbuthnott, Research
Associate
Conducting extensive opinion polls about the British
populace’s attitudes toward the Euro, this think tank advises policymakers on
the path and timing for deciding the Euro entry question from a practical and
political perspective. Centre Director
Leonard has authored internationally acclaimed reports on European integration
and “re-branding Britain” and is a member of the Foreign and Commonwealth
Office Task Force 2000. He and his
colleague presented the results of the Centre’s various opinion samplings of
the British public’s current and likely future attitudes about Europe and the
Euro.
9:45 AM Office of Chancellor of Exchequer, Ed Balls, Chief Economic Advisor to
Chancellor Gordon Brown.
Jon Cunliffe, Managing Director,
Finance, Regulation & Industry Directorate
Jeremy Pocklington, Fiscal &
Macroeconomic Policy Team
The Chief Economic Advisor to Chancellor Gordon Brown
addressed a wide variety of domestic and international topics bearing on the
Exchequer’s wide range of interests and issues.
11:00 AM Bank
of England: Jon Carr, Director, Coordination Unit for Europe
This meeting continued our process of monitoring at least
annually the Bank of England’s thinking about, and preparations for, Britain’s
possible Euro entry. This unit’s
extensive publications about the practical implications embrace impacts on FX
and money markets, debt and equity capital markets, retail banking, taxation,
and a host of other pertinent planning issues.
1:00 Lunch International Institute for
Strategic Studies
Dr. John Chipman, Director
Dr.
Steven Simon, Assistant Director (formerly US National Security Council)
Dr.
Yezid Sayigh, Senior Fellow for Middle East Security Studies
We had an extremely
interesting discussion on the rising tensions in the Middle East and foreign
policy topics within this well-known Institute’s purview. The Institute’s cross-fertilization is
evident in the participants’ diverse personal backgrounds – Dr. Chipman being a
leading light of the British foreign policy establishment; Steve Simon having worked at the US National
Security Council; and Dr. Sayigh being of Palestinian heritage, born in America
and educated in London. The lunch was
joined by Abbey National’s Director of Credit & Corp. Development
Robin Garratt, and Manager of Country and Sovereign Risk John Giles.
3:30 PM 10 Downing Street
Jeremy
Heywood, Private Secretary to Prime Minister Blair for Economic Affairs
As Prime Minister Blair’s right hand on economic matters for
4 years, Jeremy Heywood is supremely well-positioned to see the blend of policy
and politics that govern the important issues facing Britain. The subtle judgments regarding the Euro are
with no exaggeration the most important economic issues facing the UK in this
generation, and Jeremy has a birds’-eye seat.
His role as a confidante of Prime Minister Blair also proved highly interesting
as the UK mobilizes for the global war on terrorism, about which the Prime
Minister’s views have been expressed lucidly and eloquently.
7:30 Dinner
UK Asset Managers
Joining our group over dinner for a discussion of topics of
interest to institutional investors were the President of insurance company and
asset manager Friends Ivory & Sime Howard Carter; Gaveco Ltd.
Global Advisors EVP Louis-Vincent Gave; and Curtis Mallet-Prevost law
partner Bruce Palmer (formerly of US Treasury). (American Express International Chief Economist Suzanne
Hudson was unable to join at the last minute).
FRIDAY OCTOBER 19, 2001
-- LONDON, U.K.
8:00 Breakfast: European Bank for
Reconstruction and Development (EBRD)
Chris Cviic,
Senior Political Advisor
As Senior Counselor at the EBRD, Chris advises on political
matters underlying the development process in East Europe and the Balkans. Croatian-born, Oxford educated, and a Fellow
of the Royal Institute of International Affairs, Chris for many years was The
Economist’s chief correspondent for Central Europe and has been conferred the
coveted Order of the British Empire (O.B.E.) by the Queen for his work in East
Europe. His views were further infomed
by his just-completed trip to Bulgaria, Rumania, Macedonia, and the Balkans.
9:45 AM Parallel Ventures (private equity management firm)
Paul
Whitney, Chairman
A 25-year veteran (indeed, pioneer) of private equity in the U.K., Paul Whitney spun off from Sun Life UK (as CIO) in 1998 to build an independent private equity firm whose core investors are several of the most prominent pension funds in the U.K. The firm focuses on mid-market non-tech buy-outs in Europe -- the heart of European business consolidation and rationalization. Paul gave us his assessment of the current state of private equity throughout Europe, puncutated by many examples in which his firm is involved directly or in parallel with other private equity investors.
11:00 AM Conservative
Party Leadership
Howard
Flight, Deputy Shadow Chancellor of Finance
(also Joint Chairman, INVESTEC
Asset Management, London)
The Conservative Party is now in the midst of major
organizational and policy changes (having lost two elections and being split on
whether Britain should join the Euro currency. From inside the Party’s chambers at the Carleton Club in St.
James, we spent an hour with the Party’s Deputy Shadow Finance Chancellor
Howard Flight, hearing his views against the backdrop of some very interesting
historical perspectives and parallels.
His private sector capacity as co-Chairman of INVESTEC (which he founded
and built as Guinness Flight Asset Management during the 1980-90’s before
devoting himself to politics) gave him a special insight into the perspective
of institutional investors.
MONDAY, OCTOBER 22, 2001 -- BRUSSELS, BELGIUM
10:00 AM European
Commission, Directorate of Economic / Financial Affairs
Jurgen Kroger, Chief, Monetary
Affairs of the Euro Area & Member States
11:00 AM European
Commission, Directorate of Economic / Financial Affairs
Joost Kuhlmann, Principal
Administrator, Coordination of Economic Policies,Euro Zone & Member States
Sven Langedijk, National Expert,
Coordination of Economic Policies, Euro Zone & Member States
12:30 Lunch European
Commission, Group of Policy Advisors
Dr. Mario
Nava (focuses on fiscal and budgetary issues)
Professor
Andre Sapir (focuses on monetary, industrial, and trade issues)
Dr. Elena
Saraceno (focuses on labor, social, and regional issues)
4:30 PM European Commission,
Directorate of Trade
Karl
Freidrich Falkenberg, Director General, Commerce,Trade Policy & Market
Access
5:30 PM European Commission,
Directorate of Competition, Dr. Kirtikumar Mehta
Director, Competition Policy,
Coordination, & International Affairs & Relations with Other
Institutions
(directly under Director-General
Alexander Schaub, who answers to Commissioner Mario Monti)
TUESDAY, OCTOBER 23, 2001 – BRUSSELS, BELGIUM
9:30 AM European Commission,
Accession Countries Affairs
Dr.
Alexandra Cas-Granje, Director, Economic Issues within Accession Countries
11:00 AM European
Commission, Directorate for Internal Markets
David
Wright, Director, Capital Markets
(Internal Market Directorate General)
Jurgen
Tiedje, Administrator (Internal Market Directorate General)
ANARI /
Worldview, Washington DC, Bill Anawaty, President
ph 202-331-7738 fax 202-331-4963 anariwdc@aol.com