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INVESTMENT FORUM
RESTART AFTER THE CRISIS – FUNDING GROWTH
VENUE: KEMPINSKI HOTEL RIVER PARK, BRATISLAVA, 11 – 13 NOVEMBER 2014
TUESDAY, 11 NOVEMBER, 2014
12:30 – 13:30
REGISTRATION
13:45 – 14:00
TATRA SUMMIT INVESTMENT FORUM WELCOME ADDRESS
PETER KAŽIMÍR, Deputy Prime Minister and Minister of Finance of the Slovak Republic, Bratislava
RÓBERT VASS, Executive Vice-President and CEO, Central European Strategy Council; Founding
Member of the Centre for European Affairs, Bratislava
14:00 – 15:30
SESSION I: RESTART AFTER THE CRISIS – FUNDING GROWTH
Economic recovery in Europe remains fragile, so it is crucial to discuss the rules for “unblocking
Europe” to achieve smart growth and competitive Europe. The Eurozone is slowly regaining
momentum in the core but stressed economies with high debt, high unemployment and credit
constraints are limiting a full speed recovery. Wide-ranging actions are needed to tackle low
inflation and to encourage broader investment. Despite progress on structural reforms, concerns
surrounding the long-term productivity and competitiveness of the Eurozone remain. What actions
are necessary to put the EU economies on a path to economic growth? How important is the
private sector for facilitating economic growth in the long term?
PETER KAŽIMÍR, Deputy Prime Minister and Minister of Finance of the Slovak Republic, Bratislava
LÁSZLÓ BARANYAY, Vice-President, European Investment Bank, Luxembourg
IOANA PETRESCU, Minister of Finance of the Republic of Romania, Bucharest
HERBERT STEPIC, Senior Adviser to Board, Raiffeisen Bank International AG, Vienna
CHAIRED BY: REBECCA CHRISTIE, Correspondent, Bloomberg News, Brussels
15:30 – 16:00
COFFEE BREAK
16:00 – 17:30
SESSION II: PUBLIC AND PRIVATE FINANCING OF GROWTH IN THE EU: VIEWS FROM BOTH SIDES
Challenges remain on the way to greater credit update to the private sector in the EU. It is
necessary to boost bank liquidity to finance growth. Further structural reforms are needed to
incentivise the private sector. Identifying suitable and bankable projects remains a key issue. The
combination of private and public financing of strategic projects could go a long way towards more
efficient use of allocated EU funds. How to promote greater public and private sector financing
cooperation? Which investment areas could most benefit from a combination of private and
public investor financing in PPP projects?
INTRODUCTORY REMARKS BY:
ANDREJ BABIŠ, Deputy Prime Minister and Minister of Finance of the Czech Republic, Prague
JEAN-MARC PETERSCHMITT, Managing Director, Central and South Eastern Europe, European Bank
for Reconstruction and Development, London
DOMINIK THUMFART, Managing Director, Head of Infrastructure and Energy, Capital Markets and
Treasury Solutions, Deutsche Bank, London
DAINA BELICKA, Partner, Advisory Services, EU Account Advisory Leader, EY, Brussels
CHAIRED BY: SIMON NIXON, Chief European Commentator, The Wall Street Journal, London
16:00 – 17:30
ROUND TABLE: DIGITAL ECONOMY – THE FUTURE OF GROWTH? (ON SEPARATE INVITATION ONLY)
17:30 – 18:00
COFFEE BREAK
18:00 – 19:30
SESSION III: MODELS OF FINANCIAL INSTRUMENTS IN THE EU
The European Commission supports wider use of financial instruments in the place of grants when
financing projects using EU funds. Financial instruments come in three main forms – loans,
guarantees and equity. Their repayable nature can incentivise the private sector to invest EU funds
in the most efficient manner, minimising costs and/or maximising revenues. The revolving format of
the funds encourages sustainability and accountability. Advantages to greater use of financial
instruments include attraction of additional private capital and private sector know-how, investment
into suboptimal investments and potentially elimination of market gaps in the long term. Which
models of financial instruments could replace grants in financing projects in different
investment areas? What are the short and long term risks associated with greater use of
financial instruments? How to mitigate these risks? How can the public sector assist in
ensuring a positive capital market feedback loop when promoting investments, which
implement financial instruments?
ROBERT AUXT, on behalf of the Slovak Investment Holding, Bratislava
JEAN –CHRISTIAN SIX, Partner, Allan & Overy, Luxembourg
ANTONIS GRAVANIS, Enterprise Greece, Athens
PETER JEFFREYS, Senior PPP Specialist, European Investment Bank, Luxembourg
TREVOR STURMY, Managing Director, Project Finance Capital Financing, HSBC Bank, Paris
CHAIRED
BY:
MARTIN ŠANTA, Head of the Communication Department, Ministry of Finance of the
Slovak Republic, Bratislava
20:00
TATRA SUMMIT INVESTMENT FORUM COCKTAIL (ON SEPARATE INVITATION ONLY)
CO-HOSTED BY TATRA BANKA, VENUE: ZOYA GALLERY, ERDÖDY PALACE, BRATISLAVA
WEDNESDAY, 12 NOVEMBER, 2014
09:00 – 10:30
SESSION IV: CENTRAL EUROPEAN PERSPECTIVE ON THE INVESTMENT STRATEGY
Investment strategy in Central Europe has undergone numerous developments in the past two
decades. Challenges remain in tax policy, access to financing, administrative burdens and
enforcement of law. The development and promotion of investment strategy that supports
competitiveness in Central Europe is necessary. What is the best way of contributing to a
growth-promoting investment strategy in Central Europe? How to increase EU funds
absorption while increasing efficient and effective use of the funds? What obstacles can be
most easily eliminated to aid public-private cooperation in Central Europe?
VAZIL HUDÁK, State Secretary, Ministry of Finance of the Slovak Republic, Bratislava
GÁBOR ORBÁN, State Secretary, Ministry for National Economy of the Hungary, Budapest
MARTIN PROS, Deputy Minister for International Affairs, Ministry of Finance of the Czech Republic,
Prague
ARTUR RADZIWIŁŁ, Undersecretary of State, Chief Spokesman for Public Finance Discipline, Ministry
of Finance of the Republic of Poland, Warsaw
COMMENTS BY:
HUBERT COTTOGNI, Head of Mandate Management, European Investment Fund, Luxembourg
CHAIRED BY: MARTIN FILKO, Director, Institute of Financial Policy, Ministry of Finance of the Slovak
Republic, Bratislava
10:30 – 11:00
COFFEE BREAK
11:00 – 12:30
SESSION V: CENTRAL EUROPEAN INVESTMENT STRATEGIES – PRIVATE SECTOR OUTLOOK
Economic uncertainty has lowered the availability of long-term finance for European infrastructure
projects and the drop in public and private investments of EU causes concern. The need to speak
on the innovative investment strategies of funding a growth is therefore urgent and crucial. Greater
capital market development and easier access to finance are necessary for long-term private sector
growth in Central Europe. The development and promotion of investment strategy that supports
competitiveness in Central Europe is necessary. What is the best way of contributing to a
growth-promoting investment strategy in Central Europe from the private sector
perspective? What obstacles can be most easily eliminated to aid public-private cooperation
in Central Europe? How best to motivate the Central European private sector to be more
interested in financial instruments?
DANIEL KŘETÍNSKÝ, Chairman, Management Board, Energetický a Průmyslový Holding, Prague
GORDON BAJNAI, Group Chief Operating Officer, Meridiam, Paris, Former Prime Minister of
Hungary, Budapest
IVAN ŠTEFUNKO, Managing Partner, Neulogy Ventures, Bratislava
OSZKÁR VILÁGI, Chairman of Board and CEO, Slovnaft, a.s., Bratislava
TOBIAS WENNBERG, Senior Vice-President, Head of Central and Eastern Europe, SAAB, Prague
CHAIRED BY: REBECCA CHRISTIE, Correspondent, Bloomberg News, Brussels
12:30 – 14:00
BUFFET LUNCH
14:00 – 15:30
ROUND TABLES (ON SEPARATE INVITATION ONLY)
ROUND TABLE A: FACILITATING CAPITAL MARKET UPTAKE FOR INNOVATION
ROUND TABLE B: STRATEGIC INFRASTRUCTURE AND ENERGY INVESTMENTS
ROUND TABLE C: FINANCING THE GROWTH DRIVER FOR EUROPE – SMES PERSPECTIVE
♦♦♦♦
TATRA SUMMIT BRATISLAVA
THE NEW EU POLITICAL CYCLE: ADDRESSING THE GROWTH AGENDA
WEDNESDAY, 12 NOVEMBER, 2014
14:30 – 16:30
POLICY SESSION: CENTRAL EUROPEAN PERSPECTIVES ON THE EU INTEGRATION (ON SEPARATE INVITATION ONLY)
17:00 – 17:50
REGISTRATION
18:00 – 18:15
TATRA SUMMIT WELCOME ADDRESS
PETER KAŽIMÍR, Deputy Prime Minister and Minister of Finance of the Slovak Republic, Bratislava
AMB. IVAN KORČOK, Permanent Representative of the Slovak Republic to the EU; Founding Member
of the Centre for European Affairs, Brussels
RÓBERT VASS, Executive Vice-President and CEO, Central European Strategy Council; Founding
Member of the Centre for European Affairs, Bratislava
18:15 – 20:00
SESSION I: BATTLE FOR GROWTH: DIVERGENT VIEWS FROM EUROPE
The EU policy makers have agreed on a number of key reforms since the eruption of the crisis over
six years ago. The policy choices were never easy given the divergent views from different capitals.
The situation is no different today. While Germany leads the core countries with fiscal discipline
strategy, France, Italy and even the IMF are increasingly supportive of reforming the EU fiscal
framework to accommodate the much needed growth measures. Most governments and institutions
can agree on the need for structural reforms but even here the implementation has been lukewarm.
While investments have lately received strong support from many corners of the EU, some states
believe the major bulk must come from the private sources while others don’t think this can happen
without significant public support. Can the EU agree on the appropriate growth strategy or are
we destined to half-measures just to avoid the collapse? How far can we go with the
flexibility of the Growth and Stability Pact while aiming to achieve the growth and stability in
Europe?
INTRODUCTORY REMARKS BY:
JYRKI KATAINEN, Vice-President for Jobs, Growth, Investment and Competitiveness, European
Commission, Brussels (Video Address)
JAN KRZYSZTOF BIELECKI, Former Prime Minister of Poland; Chairman of the Economic Council,
Chancellery of the Prime Minister, Warsaw
ENRICO LETTA, Former Prime Minister of Italian Republic; Member of the Chamber of Deputies,
Italian Parliament, Rome
JÖRG ASMUSSEN, Permanent State Secretary, Federal Ministry of Labour and Social Affairs of the
Federal Republic of Germany, Berlin
CARSTEN PILLATH, Director General, Directorate General Economic Affairs and Competitiveness,
Council of the European Union, Brussels
HARALD WAIGLEIN, Director General for Economic Policy and Financial Markets, Federal Ministry of
Finance of the Republic of Austria, Vienna
CHAIRED BY: KAREL LANNOO, CEO, Centre for European Policy Studies, Brussels
20:15
TATRA SUMMIT COCKTAIL
VENUE: KEMPINSKI HOTEL RIVER PARK
20:45
TATRA SUMMIT DINNER (ON SEPARATE INVITATION ONLY)
CO-HOSTED BY TATRA BANKA
THURSDAY, 13 NOVEMBER, 2014
09:45 – 10:30
KEYNOTE SPEECH: TOWARDS A MORE POWERFUL EU: REBALANCING THE EU ARCHITECTURE1
MAROŠ ŠEFČOVIČ, Vice-President for the Energy Union, European Commission, Brussels
CHAIRED BY: PETER SPIEGEL, Head of the Brussels Bureau, The Financial Times, Brussels
10:30 – 12:00
SESSION II: NEXT FIVE YEARS: REGAINING TRUST OR LOSING EUROPE
After the Junker’s European Commission has been confirmed by the European Parliament vote, the
ultimate goal for the new EU political cycle is clear - not only to address “more Europe”, secure
growth, jobs and investments but to regain trust to avoid losing Europe. Call for “more Europe”
offers divergent scenarios for the future of Europe. It challenges the European society and EU
leaders on their attitude towards the level of integration. In post-crisis times, framed by the new
political cycle, the EU has to take up the challenges responsibly to become more powerful. In these
circumstances, is Europe ready for deeper economic and political integration? Are the
divergent views on deepening the integration making the EU more powerful or are they
creating the multi-speed Europe? How to rebalance the EU architecture to foster the
interests of the EU? What are the biggest challenges for the new EU political cycle and how
to tackle them? Does the new EU leadership offer clear solutions for the UK question,
immigration issues, the rise of Eurosceptic populism and the lack of democratic legitimacy?
INTRODUCTORY REMARKS BY:
1
Session is held in partnership with the Representation of the European Commission in Bratislava
GÜNTER VERHEUGEN, Honorary Professor, European University Viadrina, Frankfurt (Oder); former
Vice-President of the European Commission, Brussels
JEAN-CLAUDE PIRIS, former Legal Counsel, Council of the European Union, Brussels
GEORGE S. ZAVVOS, Legal Adviser in the Legal Service of the European Commission; first European
Commission Ambassador in the Slovak Republic; Former Member of the European Parliament,
Brussels
JOZEF BÁTORA, Director, Institute of European Studies and International Relations, Comenius
University, Bratislava
CHAIRED BY: PETER SPIEGEL, Head of the Brussels Bureau, The Financial Times, Brussels
12:00 – 13:30
BUFFET LUNCH
13:30 – 14:00
KEYNOTE SPEECH: CENTRAL EUROPEAN RECIPE FOR GROWTH
Central Europe is a success story of the last decade but it has not been untouched by the Eurozone
crisis. The growth rate has come down and almost converged with that of the rest of the EU. This is
a major challenge for the region – successfully and sustainably to emerge from the deepest
economic crisis in a generation. Slovakia, the only Eurozone member from the Visegrad region,
currently presiding the Visegrad Group, is shaping the debate on the Central European recipe for
growth – the recipe to challenge slow growth, high unemployment, insufficient public and private
investment, macroeconomic imbalances, public debt and a lack of competitiveness.
H. E. ROBERT FICO, Prime Minister of the Slovak Republic, Bratislava
CHAIRED
BY:
AMB. IVAN KORČOK, Permanent Representative of the Slovak Republic to the EU;
Founding Member of the Centre for European Affairs, Brussels
14:00 – 15:30
SESSION III: ECONOMIC RECOVERY – STILL AN UNFINISHED BUSINESS?
Contrary to many analysts’ expectations a few years ago, the Eurozone managed to survive its debt
crisis intact. But given the political costs, can we afford a long period of weak growth, low inflation
and high unemployment? And what can be done to avoid such a scenario? Despite the
consolidation efforts, the government debts have not come down. Structural reforms are not being
implemented. Bank lending is weak while the capital markets in many countries are practically nonexistent. Investments are far below the pre-crisis levels and the external demand has lately been
disappointing. Where can the EU find its much needed growth engine?
IVAN LESAY, Senior Advisor to Minister of Finance of the Slovak Republic, Bratislava
JOZEF SÍKELA, Chairman of the Board and CEO, Slovenská sporiteľna, Bratislava
ROLF STRAUCH, Director, Research and Institutional Relations of the European Financial Stability
Facility, Luxembourg
GUNTRAM WOLFF, Director, Bruegel, Brussels
CHAIRED
BY:
MARTIN ŠANTA, Head of the Communication Department, Ministry of Finance of the
Slovak Republic, Bratislava
15:30 – 16:00
COFFEE BREAK
16:00 – 17:30
SESSION IV: EU ENERGY UNION: CAN IT BE BOTH GREEN & COMPETITIVE?
The future EU Energy Union should ensure energy supply security and solidarity among the EU
member states. Policy steps and action will lead towards the integration of national energy markets,
reducing European energy demand, decarbonisation of the energy mix and the increase of
investments in research and innovations. While achieving the “green” targets and the climate
agenda itself remains one of the key pillars of the energy union, some are increasingly worried
about the impact of these policies on the competitiveness of Europe. The concerns are especially
strong in times when Europe is still searching for the dynamic engines for growth. What is the
ultimate objective of the European green and competitive energy union?
MARY VERONICA TOVŠAK PLETERSKI, Director for European and International Carbon Markets, DG for
Climate Action, European Commission, Brussels
PETER JAVORČÍK, State Secretary, Ministry of Foreign and European Affairs of the Slovak Republic,
Bratislava
GEORGE F. BABCOKE, President, US Steel, Košice, Slovakia
THOMAS JAN HEJCMAN, Member of the Board of Directors, RWE Slovakia, Chief Executive Officer,
Východoslovenská energetika, Košice
CHRISTIAN EGENHOFER, Head of the Energy and Climate Change Research Programme, CEPS,
Brussels
CHAIRED
BY:
SANDRINE DIXSON-DECLEVE, EU Director, Prince of Wales's EU Corporate Leaders
Group, Brussels
17:30 – 17:45
CLOSING REMARKS
17:45
FAREWELL GLASS OF WINE