Coping with the Eurozone Crisis: Survey Brief
Reference code: MS1002SB
Published: October 2012
Timetric and VRL
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© Timetric and VRL. This report is a licensed product and is not to be photocopied
TABLE OF CONTENTS
TABLE OF CONTENTS
1 Introduction ..................................................................................................................5
1.1 What is this Report About? .................................................................................................... 5
1.2 Definitions .............................................................................................................................. 6
1.3 Methodology .......................................................................................................................... 6
1.4 Profile of Survey Respondents ............................................................................................... 8
2 Industry Actions – Coping with the Crisis .................................................................9
2.1 Business Strategies to Counter the Crisis .............................................................................. 9
2.1.1 Business strategies to counter the crisis by company type ........................................................... 9
2.1.2 Business strategies to counter the crisis by company turnover ................................................... 12
2.2 Business Priorities in 2012–2013 ......................................................................................... 13
2.2.1 Business priorities by company type ............................................................................................ 13
2.2.2 Business priorities by company turnover ..................................................................................... 16
2.3 Expected Change in Demand for Financial Services............................................................ 18
3 Appendix ..................................................................................................................... 20
3.1 Full Survey Results .............................................................................................................. 20
3.2 Methodology ........................................................................................................................ 27
3.3 Contact Us ........................................................................................................................... 27
3.4 About Timetric...................................................................................................................... 27
3.5 About VRL Financial News .................................................................................................. 28
3.6 Disclaimer ............................................................................................................................ 28
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© Timetric and VRL. This product is licensed and is not to be photocopied Published: October 2012
TABLE OF CONTENTS
LIST OF FIGURES
Figure 1: Business Strategies to Counter the Crisis by Company Type in Europe (%), 2012 ...................................................................11
Figure 2: Business Strategies to Counter the Crisis by Company Turnover in Europe (%), 2012 .............................................................12
Figure 3: Business Priorities by Company Type in Europe (%), 2012–2013 .............................................................................................15
Figure 4: Business Priorities by Company Turnover in Europe (%), 2012–2013.......................................................................................17
Figure 5: Expected Change in Demand for Financial Services in Europe (%), 2012–2013 .......................................................................19
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© Timetric and VRL. This product is licensed and is not to be photocopied Published: October 2012
TABLE OF CONTENTS
LIST OF TABLES
Table 1: Eurozone Crisis Survey Respondents by Company Type, 2012 .................................................................................................. 8
Table 2: European Respondents by Job Role (%), 2012 ........................................................................................................................... 8
Table 3: European Respondents by Company Turnover (%), 2012 .......................................................................................................... 8
Table 4: Business Strategies to Counter the Crisis by Company Type in Europe (%), 2012 .....................................................................11
Table 5: Business Priorities by Company Type in Europe (%), 2012–2013 ..............................................................................................15
Table 6: Business Priorities by Company Turnover in Europe (%), 2012–2013 ........................................................................................16
Table 7: Expected Change in Demand for Financial Services in Europe (%), 2012–2013 ........................................................................18
Table 8: Full Survey Results – Closed Questions ....................................................................................................................................20
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© Timetric and VRL. This product is licensed and is not to be photocopied Published: October 2012
INTRODUCTION
1 Introduction
1.1 What is this Report About?
Companies have been adjusting their business strategies in accordance with the changing economic
scenarios and business priorities, as well as in line with new opportunities arising in these periods. This
report identifies the most popular strategies adopted by companies to negate the effects of the debt
crisis. It also lists the key business priorities and projects the demand for various financial products and
services in Europe.
Key Findings
‘Overhead cuts’ and ‘rightsizing workforce’ are the most important business strategies adopted by
companies as identified by respondents across both the manufacturing and service sectors.
A total of 49% of respondents from large organizations also consider ‘cost reduction by purchasing
optimization’ and ‘expanding business to high growth emerging countries as important strategies.
Overall, ‘improving operational efficiency’, the need to ‘expand in existing markets’ and the need to
introduce ‘new products and services’ are considered as top priorities for companies in Europe.
A notable 38% of respondents from large companies also consider the need to ‘expand abroad’ as
a key business priority.
Overall, respondents identified demand for ‘governance, risk and compliance’, ‘legal services for
complying with regulations’ and ‘auditing and tax services’ to grow in the next 12 months.
According to the survey results, demand is expected to be the least for ‘large-scale funding
solutions’, ‘insurance and bancassurance services’ and ‘equity financing and other private
placement capital funds’.
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© Timetric and VRL. This product is licensed and is not to be photocopied Published: October 2012
INTRODUCTION
1.2 Definitions
Manufacturing sector: All companies which use machines and tools to convert raw materials in to
finished goods on a large scale for the purpose of sale are considered in this sector.
Service sector: All companies that provide services to individuals, organizations and governments
are referred as belonging to the service sector. Activities in the service sector include retail,
banking, hotels, real estate, education, health, social work, transport, computer services, recreation,
media, communications, electricity, gas and water supply.
Eurozone crisis: An ongoing financial crisis that has made it difficult or impossible for some
countries in the euro area to refinance their government debt without the assistance of third parties.
Exchange rate: An exchange rate between two currencies is the rate at which one currency will be
exchanged for another.
European Commission: The European Commission (EC) represents the general interest of the
European Union (EU) and is the driving force in proposing legislation (to Parliament and the
Council), administering and implementing EU policies, enforcing EU law (jointly with the Court of
Justice) and negotiating in the international arena.
Company turnover: companies with turnover of less than US$100 million are identified in the
report as small companies. Companies with turnover of between US$100 million–US$1 billion are
referred to as medium-sized companies, and companies with turnover of more than US$1 billion as
large companies.
1.3 Methodology
All Timetric and VRL reports are rigorously sourced and created according to a comprehensive three-
stage methodology:
1) Online survey
The research source in this report is based on the surveyed opinions and expectations of highly
engaged and senior industry professionals. Timetric and VRL conducted an extensive online survey in
July 2012, which was taken by 175 senior global industry buyers and suppliers. These respondents
cover C-level executives, directors, managers and technical and professional staff.
The survey’s respondents were drawn from the Timetric and VRL Industry Insight Panel, an exclusive
industry panel covering over 2 million business professionals worldwide. Respondents represent a
dedicated professional community where participants are surveyed ‘in context’, drawn from our industry
magazine and media communities, including the readership of Finance Director Europe, Future
Banking, Banking Business Review as well as delegate relationships across Timetric and VRL’s global
industry conference and forum events. These business communities are made up of highly engaged,
qualified professionals who rely on Timetric and VRL’s flagship media brands in their respective
markets, enabling Timetric and VRL to access knowledgeable and informed industry opinions.
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© Timetric and VRL. This product is licensed and is not to be photocopied Published: October 2012
INTRODUCTION
2) Secondary research
A collection of the latest market-specific data from a wide variety of respected third-party industry
sources:
Government statistics
Industry associations
Company filings
Broker reports
International organizations
Industry news websites
Industry reports
3) Data analysis and report writing
The results of this research have been analyzed and evaluated by Timetric and VRL’s in-house
industry-specific analysts. Our analysts’ research and analysis expertise, history in marketing, market
research, consulting background in their industry, and ongoing education on leading macroeconomic
and industry news have shaped their analytical judgments and conclusions of the industry opinions
gathered.
4) Quality control
A) Templates
Detailed process manuals
Standardized report templates and accompanying style guides
Advanced data analysis and survey programming tools
QC checklists
B) QC process
Randomized spot checks on data integrity
Peer review
Senior-level QC
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