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コラム：ユーロ圏「周辺国」の銀行株に高評価、「中核国」上回る ...Financial market fragmentation in the euro area: state of playSovereign Rating News and Financial Markets Spillovers: Evidence ...欧米の小口決済システム（ACH）及び銀行の システムに関する調査 ...The European Crisis and the role of the financial system最近の円安の動きを十分注視、政府・日銀は引き続き密接に連携 ...A decade on from the crisis – Main responses and remaining ...European Sovereign Debt Crisis: Eurozone Crisis Causes, Impacts利上げと為替の関係とは？米ドルに注目すべき理由も解説 | 三菱 ...The Eurozone crisis: A consensus view of the causes and a few ...日銀を意識せず暮らせるのが本来の姿、現在は過渡期＝植田総裁 ...Housing Market Developments in the Euro Area: Focus on Housing ...The “Greatest” Carry Trade Ever? Understanding Eurozone Bank ...金融市場を動かす？ジャクソンホール会議とは？Systemic Risk 1: DiscussionHow Important Was Contagion Through Banks During the European ...2023年、クレジット市場が世界中で注目される理由European Sovereign Debt: Is the Periphery a Problem? | AB第3章 第2節 日本の財政リスク - 内閣府Shedding light on dark markets: First insights from the new EU-wide ...The Balance of Payments Crisis in the Euro Area PeripheryECBは6月利下げを示唆：世界的な本格的な利下げ局面の幕開け ...Financial crises and bank funding: recent experience in the euro area【講演】黒田総裁「なぜ『2％』の物価上昇を目指すのか」（日本 ...Austerity Measures in Crisis Countries – Results and Impact on Mid ...EUの資本市場同盟について教えてください過去の債券買い入れ、利上げ効果弱めた可能性＝シュナーベル ...EU MAG 駐日EU代表部公式ウェブマガジンユーロ圏の金融政策と欧州中央銀行制度｜外務省欧州中央銀行制度（European System of Central Banks）：株式会社 ...JBIC 国際協力銀行 | ホームThe Core, Periphery, and Beyond: Stock Market Comovements ...Firm or bank weakness? Access to finance since the European ...Fragmentation and Monetary Policy in the Euro Area; by Ali Al-Eyd ...Secular stagnation and core-periphery uneven development in post ...BIS Working Papers - No 393 - Interpreting TARGET2 balancesNon-performing loans in the euro area: are core-periphery banking ...Real Convergence Across the Euro Area - IntereconomicsFinancial integration in Europe: where do we stand after the banking ...The integration of the EU banking sector and the challenges of ...Banking union - ConsiliumThe euro zone's fragmented banking industry | ReutersEuropean capital marketsA Kantian shift for the capital markets unionEU taxonomy for sustainable activities - European CommissionA tale of two money markets: fragmentation or concentrationWhy are banks not recapitalized during crises?The Euro crisis – What role did the common currency play?The Systemic Risk of European Banks During the Financial and ...Austerity and health: the impact in the UK and Europe - PMCPolicy Responses to COVID19Austerity: a failed experiment on the people of Europe - PMCFinancial stability implications of support measures to protect the ...Global Financial Stability ReportImpact of sanctions on the Russian economy - ConsiliumSpring 2023 Economic Forecast: an improved outlook amid ...
コラム：ユーロ圏「周辺国」の銀行株に高評価、「中核国」上回る ...Jun 13, 2024 ... ただ、注目を集める理由は以前と異なる。周辺国の大手銀行株は、「中核国」とされるドイツ、フランス、オランダなどの銀行株の価値に約30％ ...
Financial market fragmentation in the euro area: state of playSep 3, 2016 ... This repricing of risks in between core and periphery countries depended largely on country-specific factors. Banking sector openness became a ...
Sovereign Rating News and Financial Markets Spillovers: Evidence ...The ongoing European sovereign debt crisis has renewed the debate on the role ... originating from Eastern Europe and peripheral Europe suggesting that banking ...
欧米の小口決済システム（ACH）及び銀行の システムに関する調査 ...Jul 4, 2015 ... 現状、詳細は発表されていないものの、リアルタイム決済シス. テムによって実現すべきメリットとして、下記の項目を挙げている。 · 利便性. - 既存の口座 ...
The European Crisis and the role of the financial systemMay 23, 2013 ... ... banks from non-stressed to stressed countries]. While this explosion of financial inflows was unevenly distributed among periphery countries ...
最近の円安の動きを十分注視、政府・日銀は引き続き密接に連携 ...May 10, 2024 ... アイルランドやイタリア、ギリシャ、スペインといったユーロ圏「周辺国」の大手銀行株が再び投資家の熱い視線を浴びている。ただ、注目を集める理由は ...
A decade on from the crisis – Main responses and remaining ...The European sovereign debt crisis was intertwinedwith the 2007-2009 financial crisis and put grave pressure on the euro area, stressing the financial sector ...
European Sovereign Debt Crisis: Eurozone Crisis Causes, ImpactsBy the end of 2009, the peripheral Eurozone member states of Greece, Spain ... These included the European Central Bank (ECB), the IMF, and, eventually, the ...
利上げと為替の関係とは？米ドルに注目すべき理由も解説 | 三菱 ...Sep 22, 2022 ... 為替は2つの通貨間のバランスで変動するため、日本銀行の発表はもちろん、米国や英国、ユーロ圏等の金融政策もチェックしておきましょう。 【主要国・地域 ...
The Eurozone crisis: A consensus view of the causes and a few ...Sep 7, 2015 ... The average Eurozone nation had a debt stock of about 70% of GDP going into the Crisis. Eurozone banks were holding vastly larger debts. In 2007 ...
日銀を意識せず暮らせるのが本来の姿、現在は過渡期＝植田総裁 ...Mar 25, 2024 ... アイルランドやイタリア、ギリシャ、スペインといったユーロ圏「周辺国」の大手銀行株が再び投資家の熱い視線を浴びている。ただ、注目を集める理由は以前 ...
Housing Market Developments in the Euro Area: Focus on Housing ...... stock of bank lending to domestic real estate and economic growth, but ... Stevenson (2021a): EU housing markets before financial crisis of 2008: The role of ...
The “Greatest” Carry Trade Ever? Understanding Eurozone Bank ...Mar 2, 2013 ... that banks' stock returns are very sensitive to peripheral sovereign bond returns. ... An important source of funding risk for European banks is ...
金融市場を動かす？ジャクソンホール会議とは？Aug 25, 2022 ... ... ？アメリカ西部のジャクソンホールに各国の中央銀行総裁らが集まる会議が注目され ... アメリカやユーロ圏、イギリス、カナダ、日本など主要な国 ...
Systemic Risk 1: Discussion– Primarily through bank stock returns and CDS: reading the market's reading of the banks ... – Focuses on European banks and finds shift toward greater risk.
How Important Was Contagion Through Banks During the European ...Jun 10, 2017 ... We use days with tail sovereign CDS spread changes of peripheral countries to identify the effects of shocks to the cost of borrowing of ...
2023年、クレジット市場が世界中で注目される理由Feb 26, 2023 ... ヨーロッパも、アジア最大の貿易相手国の復活により、ユーロ圏の国内総 ... 銀行が十分な資本を維持していることから、依然として堅調であると思われ ...
European Sovereign Debt: Is the Periphery a Problem? | ABFeb 22, 2024 ... Source: Bloomberg, European Central Bank and AB. “The Periphery” Is Becoming ... focus on the European market. Prior to that, he worked as an ...
第3章 第2節 日本の財政リスク - 内閣府Dec 21, 2011 ... 2011年7月 21日に発表されたユーロ圏首脳会議によるギリシャ支援の合意案 ... 銀行や保険会社等により日本国債が選好される理由として、まず、経済が ...
Shedding light on dark markets: First insights from the new EU-wide ...Sep 22, 2016 ... Second, we focus on single-name CDS, for two main reasons. First, as ... and a few banks which trade with peripheral institutions and each other.
The Balance of Payments Crisis in the Euro Area PeripheryNevertheless, the private stock of collateral that a bank can use in refinancing operations with euro area central banks does create an implicit limit since ...
ECBは6月利下げを示唆：世界的な本格的な利下げ局面の幕開け ...Apr 12, 2024 ... ただし、ユーロ圏の経済は弱含んでいる一方、インフレ率は着実に低下してきていることから、ユーロ圏は通貨安の経済的メリットを享受しやすい環境にある。
Financial crises and bank funding: recent experience in the euro areaMar 11, 2013 ... peripheral European countries. ... First, national characteristics play an important role in the specific pattern of bank funding across different ...
【講演】黒田総裁「なぜ『2％』の物価上昇を目指すのか」（日本 ...Mar 20, 2014 ... ... されるため統計の速報性があるからです。そうした点を踏まえ、日本銀行の ... とはいえ、デフレのリスクが最も議論されているユーロ圏でも＋0.7％で ...
Austerity Measures in Crisis Countries – Results and Impact on Mid ...... European Financial Transaction Tax in the eurozone. There has been no ... The state receives non-voting shares, and bank management continues to be chosen by the ...
EUの資本市場同盟について教えてくださいJun 29, 2015 ... 資本市場同盟（Capital Markets Union＝CMU）とは、欧州連合（EU）が構築しようとしている欧州の単一資本市場です。株式、債券、デリバティブなどさまざま ...
過去の債券買い入れ、利上げ効果弱めた可能性＝シュナーベル ...May 28, 2024 ... アイルランドやイタリア、ギリシャ、スペインといったユーロ圏「周辺国」の大手銀行株が再び投資家の熱い視線を浴びている。ただ、注目を集める理由は以前 ...
EU MAG 駐日EU代表部公式ウェブマガジンSep 19, 2013 ... 欧州中央銀行（ECB）は、欧州の単一通貨ユーロの金融政策を実施する中央銀行であり、欧州連合（EU）の主要機関のひとつです。 まず中央銀行とは、 ...
ユーロ圏の金融政策と欧州中央銀行制度｜外務省Jun 11, 2024 ... ESCBは、ECB及びEU加盟国中央銀行から構成され、ECBの意思決定機関である政策理事会及び役員会により運営される。 イ 政策目的（欧州連合条約第127条第1項 ...
欧州中央銀行制度（European System of Central Banks）：株式会社 ...欧州中央銀行制度 (European System of Central Banks、以下ESCB)とは、EUの中央銀行機能を果たす枠組みで超国家的機関である欧州中央銀行 (European Central Bank、以下 ...
JBIC 国際協力銀行 | ホーム株式会社国際協力銀行（JBIC）の公式ホームページです。
The Core, Periphery, and Beyond: Stock Market Comovements ...Jan 6, 2019 ... Bank (ECB). Thus, the presence of the UK in our sample serves as an independent check of a possible. “euro currency factor” in pricing EU stocks ...
Firm or bank weakness? Access to finance since the European ...tween core and periphery countries. On the other hand, we find evidence that periphery-specific bank weakness can help explaining this difference. Specifically, ...
Fragmentation and Monetary Policy in the Euro Area; by Ali Al-Eyd ...• Cross border banking flows have declined. Both core and periphery banks have retrenched throughout the crisis, withdrawing capital to domestic markets and ...
Secular stagnation and core-periphery uneven development in post ...... peripheral eurozone countries than in core economies, this difference being statistically significant. ... financial' playing field among core and peripheral ...
BIS Working Papers - No 393 - Interpreting TARGET2 balances... periphery by banks in core Europe. For instance, the stock of German banks' claims on peripheral. Europe ... bank credit operations under different monetary.
Non-performing loans in the euro area: are core-periphery banking ...... different responses between core and periphery banks ... Although the already existing literature has examined the factors that affect NPLs from different ...
Real Convergence Across the Euro Area - Intereconomics... differences in total factor productivity performance. The findings also ... Core and periphery euro area countries grouped according to their external ...
Financial integration in Europe: where do we stand after the banking ...Apr 30, 2024 ... At the same time, capital markets in Europe remain relatively fragmented and supervised at the national level. ... sector, such as money market ...
The integration of the EU banking sector and the challenges of ...Sep 13, 2023 ... Does the fragmentation of banking markets in the euro area provide some sort of risk? Is the sovereign doom-loop still a financial stability ...
Banking union - Consiliummarket fragmentation is reduced by harmonised financial sector rules. All euro area member states are part of the banking union, Croatia and Bulgaria being the ...
The euro zone's fragmented banking industry | Reuters3 days ago ... Yet big banking takeovers have been rare since the 2008-09 global financial crisis, with most dealmaking forged out of necessity. SOME ...
European capital marketsCapital markets in Europe remain fragmented along national lines, with their financial integration lagging behind the levels preceding the global financial ...
A Kantian shift for the capital markets unionNov 17, 2023 ... ... banking crises to make the financial sector more ... Despite two European Commission action plans, Europe's capital market remains fragmented.
EU taxonomy for sustainable activities - European CommissionEuropean system of financial supervision · Expert groups, comitology and other ... market fragmentation. The Taxonomy Regulation entered into force on 12 July ...
A tale of two money markets: fragmentation or concentrationNov 12, 2019 ... ... fragmented our money markets remain today. The scheme allows ... Financial assets · Monetary policy · Policies · Banking sector · Euro area.
Why are banks not recapitalized during crises?countries. The eurozone periphery during the crisis — with its high sovereign credit risk and undercapitalized banks — resembles the model environment. In ...
The Euro crisis – What role did the common currency play?Jul 12, 2012 ... The resulting fall in lending rates on commercial bank loans as well as on the cost of sovereign debt in periphery countries was perhaps the ...
The Systemic Risk of European Banks During the Financial and ...relative to many of the large European countries during the pre-sovereign debt crisis period. The dramatic rise in CDS spreads during the sovereign debt crisis ...
Austerity and health: the impact in the UK and Europe - PMCOct 10, 2017 ... During the initial onset of financial crisis, politicians in nations with significant financial sectors, particularly the USA and UK, along ...
Policy Responses to COVID19... Europe Development Bank (CEB) to finance local government's crisis mitigation measures. ... impact of the pandemic on the financial sector. The policy rate and ...
Austerity: a failed experiment on the people of Europe - PMC... austerity policies in response to the financial crisis. By contrast, the USA launched ... The financial crisis in Italy: implications for the healthcare sector.
Financial stability implications of support measures to protect the ...It discusses how fiscal measures to support the economy during the pandemic interacted with the financial sector to mitigate the immediate financial stability ...
Global Financial Stability ReportThe corporate sector in many countries is emerging from the ... Chapter 3 turns to the impact of the COVID-19 crisis on the commercial real estate sector.
Impact of sanctions on the Russian economy - ConsiliumThat is why areas such as food, agriculture, health and pharmaceuticals are excluded from the restrictive measures imposed. Timeline - EU restrictive measures ...
Spring 2023 Economic Forecast: an improved outlook amid ...May 15, 2023 ... Over the past winter, the EU economy performed better than expected. As the disruptions caused by the war in Ukraine and the energy crisis ...
ユーロ圏周辺国の銀行株が注目される理由は、重要な要因がいくつかあります。これらの国の大手銀行株に対する注目は、その顕著な成長や価値の向上によるものです。さらに、周辺国の銀行株は、中核国であるドイツやフランスなどの銀行株を上回る競争力を持っていることが示されています。 2
ユーロ圏周辺国の銀行株に対する興味は、バンキングセクターにおけるオープネスやリスク再価格に関連しています。特に、一部の国におけるリスク再価格は、国に固有の要因に大きく左右されていることが指摘されています。 3
さらに、周辺国の大手銀行株に対する注目は、その国々が経済的に脆弱な状況にある中で、投資家や市場参加者が対処する必要性が高まっているためとも言えます。これらの要因が組み合わさり、周辺国の銀行株が注目を浴びる理由となっています。
興味深いことに、周辺国の銀行株が中核国を上回る評価を得ている状況が続いており、市場全体において重要な位置を占めていることが示唆されています。 2
ユーロ圏周辺国の銀行株が注目される理由は？
ユーロ圏周辺国の銀行株が注目される理由は、主に過去の債券買い入れや利上げの影響が弱められた可能性が関係しています。過去における債券買い入れや金利の引き下げにより、ユーロ圏周辺国の大手銀行株が再び投資家の注目を集めている 28。これは、市場における金融政策の変化が、特にアイルランドやイタリア、ギリシャ、スペインなどの周辺国の銀行株に影響を与えている可能性があることを示唆しています。
また、欧州連合（EU）全体の金融政策に関連する要因も影響している可能性があります。EUでは、欧州中央銀行（ECB）をはじめとする金融機関が重要な役割を果たしており、EUの金融政策や資本市場同盟（CMU）の動向が周辺国の銀行株に影響を与えている可能性が考えられます 27 29 30 31。
このような要因が集まって、ユーロ圏周辺国の銀行株が注目を浴びていると考えられます。投資家や市場参加者は、これらの要因を注視しながら、将来の動向や投資チャンスを見極めていることができます。
What factors differentiate the banking stocks of core Eurozone countries from those of peripheral countries?
The banking stocks of core Eurozone countries receive attention for several reasons. One key factor is the difference in financial stability and performance between core and peripheral countries within the Eurozone. Research indicates that there are significant disparities in the banking sectors of core and peripheral Eurozone countries. For instance, banking flows across borders have decreased, leading both core and periphery banks to focus more on their domestic markets 35. This shift in capital allocation has implications for the overall stability and health of the banking sector in these regions.
Moreover, non-performing loans (NPLs) serve as another important aspect that distinguishes core and peripheral banks. Studies have highlighted that there are varying responses to NPLs between core and peripheral banks, indicating differences in risk management and asset quality 38. Understanding these divergences is crucial for assessing the overall resilience and performance of banking stocks in the Eurozone.
Additionally, the economic convergence across the Euro area plays a significant role in differentiating banking stocks. Variations in total factor productivity performance among core and peripheral countries can impact the financial sector's strength and growth prospects 39. Policies aimed at fostering real convergence and addressing structural differences are essential for enhancing the competitiveness and stability of the banking industry in the Eurozone.
Overall, the factors influencing banking stocks in core Eurozone countries compared to peripheral countries are multifaceted, encompassing financial stability, risk management practices, and broader economic dynamics within the region.
How does the financial market fragmentation affect the banking sector in the Eurozone?
Financial market fragmentation in the Eurozone has significant implications for the banking sector. Fragmentation can impede the efficient allocation of capital, increase funding costs for banks, and reduce the effectiveness of monetary policy.
According to the European Central Bank, the Eurozone's banking sector faces challenges due to market fragmentation 43. Fragmentation hampers cross-border mergers and acquisitions, limiting the potential for consolidation and efficiency gains 43. This can result in smaller banks facing difficulties in achieving economies of scale and staying competitive in the market.
Moreover, fragmented capital markets in Europe can lead to inefficiencies and hinder the integration of the financial sector 40. This can create obstacles for banks in diversifying their funding sources and accessing liquidity across borders 40. Additionally, differences in regulatory frameworks across countries can increase compliance costs for banks operating in multiple jurisdictions, further impacting their profitability 42.
The fragmented nature of the financial markets in the Eurozone can also contribute to overall instability, as highlighted by concerns related to the sovereign doom-loop 41. This interconnection between sovereigns and banks can amplify financial stability risks 41, underscoring the importance of reducing market fragmentation and enhancing the integration of the banking sector in the region.
In conclusion, the financial market fragmentation in the Eurozone poses challenges for the banking sector, impacting competitiveness, efficiency, and financial stability 43 40 41. Efforts to address fragmentation through initiatives such as the banking union and harmonization of financial regulations are crucial to fostering a more integrated and resilient banking sector in the Eurozone.
What role did banks play in the European sovereign debt crisis, especially in peripheral countries?
ユーロ圏周辺国の銀行株が注目される理由は、ユーロ危機における銀行の重要な役割にあります。ユーロ危機では、ユーロ圏周辺国の銀行が過剰レバレッジや不適切な資本基準などを抱えていたため、金融安定性における重要なリスク要因となりました。
ヨーロッパの金融安定性委員会によると、危機中のユーロ圏周辺国は、高い主権信用リスクと資本不足の銀行を抱えており、これはユーロ危機モデル環境に類似しています。 48 また、ユーロ危機では、主権債務のコストやコマーシャル・バンクの融資金利が低下したことが銀行の危機をさらに深刻化させました。 49
このような状況下で、ヨーロッパの大手銀行のCDSスプレッドが急増し、銀行のシステミック・リスクが顕著化しました。特にユーロ圏の大国に比べて、多くのヨーロッパ銀行が主権債務危機期間中に相対的なリスクを持っていたことが指摘されています。 50
したがって、ユーロ圏周辺国の銀行株が注目される理由は、その過剰レバレッジや資本不足などの問題が金融危機を引き起こすリスク要因となり得るためです。これらの要因を正確に把握し、適切に対処することが、将来の金融安定性の確保に重要です。
What are the impacts of austerity measures on the banking sectors of crisis countries in the Eurozone?
Austerity measures in crisis countries in the Eurozone can have significant impacts on their banking sectors. These impacts are often a result of the economic challenges faced by these countries and the measures implemented to address them.
Impact of Austerity Measures on Banking Sectors:
Austerity measures, such as budget cuts and tax increases, can lead to reduced government spending and lower economic growth. This can in turn affect the stability and performance of the banking sector in several ways:
- Increased Non-Performing Loans: Economic downturns resulting from austerity measures may lead to higher levels of non-performing loans in banks' portfolios as businesses and individuals struggle to repay debts 51.
- Capitalization Issues: Reduced economic activity can impact the capitalization of banks, making it challenging for them to meet regulatory requirements and maintain liquidity 53.
- Financial Stability Concerns: Austerity measures can create uncertainties in the economic environment, potentially impacting investor confidence in the banking sector 54.
Policy Responses and Support Measures:
In response to such challenges, policymakers might implement support measures to protect the financial sector during crises. These measures could include:
- Deployment of fiscal measures to support the economy and mitigate financial stability risks 54.
- Policy rate adjustments to address the impact of the crisis on the financial sector 52.
Current Economic Outlook:
It is crucial to consider the current economic forecast in the Eurozone, as it provides insights into the overall economic performance and potential challenges faced by the banking sectors in crisis countries.
Understanding the interactions between austerity measures, economic challenges, and policy responses is essential for assessing the implications for the banking sectors of crisis countries in the Eurozone. For more detailed information, further research and analysis based on the provided sources would be beneficial.
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Jun 13, 2024 ... ただ、注目を集める理由は以前と異なる。周辺国の大手銀行株は、「中核国」とされるドイツ、フランス、オランダなどの銀行株の価値に約30％ ...
jp.reuters.com
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May 10, 2024 ... アイルランドやイタリア、ギリシャ、スペインといったユーロ圏「周辺国」の大手銀行株が再び投資家の熱い視線を浴びている。ただ、注目を集める理由は ...
jp.reuters.com
12
... stock of bank lending to domestic real estate and economic growth, but ... Stevenson (2021a): EU housing markets before financial crisis of 2008: The role of ...
economy-finance.ec.europa.eu
14
Aug 25, 2022 ... ... ？アメリカ西部のジャクソンホールに各国の中央銀行総裁らが集まる会議が注目され ... アメリカやユーロ圏、イギリス、カナダ、日本など主要な国 ...
www3.nhk.or.jp
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Feb 26, 2023 ... ヨーロッパも、アジア最大の貿易相手国の復活により、ユーロ圏の国内総 ... 銀行が十分な資本を維持していることから、依然として堅調であると思われ ...
www.schroders.com
18
Feb 22, 2024 ... Source: Bloomberg, European Central Bank and AB. “The Periphery” Is Becoming ... focus on the European market. Prior to that, he worked as an ...
www.alliancebernstein.com
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Dec 21, 2011 ... 2011年7月 21日に発表されたユーロ圏首脳会議によるギリシャ支援の合意案 ... 銀行や保険会社等により日本国債が選好される理由として、まず、経済が ...
www5.cao.go.jp
29
Jun 11, 2024 ... ESCBは、ECB及びEU加盟国中央銀行から構成され、ECBの意思決定機関である政策理事会及び役員会により運営される。 イ 政策目的（欧州連合条約第127条第1項 ...
www.mofa.go.jp
30
欧州中央銀行制度 (European System of Central Banks、以下ESCB)とは、EUの中央銀行機能を果たす枠組みで超国家的機関である欧州中央銀行 (European Central Bank、以下 ...
www.hitachi-hri.com
31
株式会社国際協力銀行（JBIC）の公式ホームページです。
www.jbic.go.jp
39
Apr 30, 2024 ... At the same time, capital markets in Europe remain relatively fragmented and supervised at the national level. ... sector, such as money market ...
www.bankingsupervision.europa.eu
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Sep 13, 2023 ... Does the fragmentation of banking markets in the euro area provide some sort of risk? Is the sovereign doom-loop still a financial stability ...
www.bankingsupervision.europa.eu
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market fragmentation is reduced by harmonised financial sector rules. All euro area member states are part of the banking union, Croatia and Bulgaria being the ...
www.consilium.europa.eu