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On 4 May 2016, the Governing Council of the European Central Bank (ECB) decided to permanently end production of the 500 euro note - the denomination with the highest face value in the Eurozone. Issue of this denomination will be stopped in late 2018. On that date, the Eurozone central banks will cease putting 500 euro notes into circulation. The other denominations, from 5 euro to 200 euro, will remain.
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Jean-Pierre Petit, Chairman of the Green Economic & Financial Notebooks, previously held the position of Partner and Head of Economic Research and investment strategy of Exane-BNP Paribas. He has authored several books, including "La Bourse, rupture et renouveau", which won the Turgot Grand Prize in 2004 for the best book on financial economics. A journalist for BFM, LCI and TV5, he shared his views on Brexit last June, at the ACI Monaco's 25th anniversary (The Financial Market Association).
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He is the founder and CEO of Cogemat (industrial equipment provider), as well as heading up the EMT (Monaco construction company) and presiding over the FEDEM (Monaco business federation), which has 2,800 member companies. Philippe Ortelli talks about the future of Monaco and that of its economic growth and "how to leave a prosperous and strong state for the generations to come."
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GFG SAM - Groupe Financier de Gestion - has been based in Monaco for 6 years now. Its Chairman Stefano Zavaglia established his company in Monaco in 2010, following 10 years’ experience as Director of the Fixed Sales Department of Deutsche Bank in London.
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The founder of Knight Vinke Asset Management moved to Monaco fifteen years ago. Eric Knight describes himself as the manager of an activist fund, and he is that in every sense of the word.
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Magali Vercesi spent fourteen years in trading rooms as an dealer, and in risk control associated with the transactions handled there. Thirteen years ago, she joined the government’s Ministry of Finance to check within the law 11.94 framework all activities subject to approval: management, advice, order transmission. Then, after managing the Office des Émissions de Timbres-Poste for 5 years, in May she joined the Financial Activities Supervisory Commission (CCAF) as Secretary General.
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The international auditing and consulting firm PwC (PricewaterhouseCoopers) has chosen Monaco as one of the 157 countries where its network has permanent teams. We met Claude Palmero and Frank Vanhal, two of the firm’s partners.
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Since 1992, ACI Monaco has aimed to develop and establish links between all Monaco financial centre players. By offering courses on different financial instruments it aims to contribute to the development of the banking profession. Its presence is enriched by an annual Symposium, for which this year’s theme was “Intelligent ETFs? How to get more from passive management with Smart Beta ETFs”. Olivier Paquier, SPDR Exchange Traded Funds (ETFs) Manager for France, Monaco, Spain & Portugal at State Street Global Advisors, gave a noteworthy speech on this subject which we have taken the liberty of reproducing in full.
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Urs Minder came to Monaco 20 years ago, initially for 3 years, the time needed to complete his mission of restructuring UBS (Monaco) S.A.’s offering. He never left Monaco and has established his family there.
A true ambassador of Swiss culture, he was appointed Honorary Swiss Consul to Monaco in November 2004.
Not lacking in ambition for UBS (Monaco) S.A. where he has been CEO since 2011, his enthusiasm is contagious. A portrait.
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After being Director General of the Principality of Monaco’s Ministry of Foreign Affairs for almost 7 years, Mireille Pettiti is now Monegasque Ambassador to the Russian Federation. We asked her about the relations between the two countries.
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Last July, MONEYVAL’s European anti-money laundering experts made their report on Monaco public, with a positive overall assessment. Meet Marie-Pascale Boisson, Director of the Financial Network Information and Control Department.
