FACC Members and guests of Coface gathered on June 11 for the 2008 Coface Country Risk Trends Seminar at the Lighthouse Executive Conference Center. Michael Ferrante, President, Coface North America, opened the meeting by offering welcome remarks.

Dr. Hans Belcsak, President, S.J. Rundt & Associates, provided introductory remarks and served as moderator of the panel. Presenting Europe and Russia- An Anniversary & a Transition, Dr. Belcsak provided an overview of the European Monetary Union, ten years on, and explored the challenges and opportunities currently surrounding the European economy.

A Business Overview of India was provided by Sharda Cherwoo, Partner, Transaction Advisory Services, Ernst & Young. Ms. Cherwoo analyzed U.S.-India bilateral trade and investment, and also explored the challenges facing this dynamic relationship.

Michele Wilkins, Economist, Export-Import Bank, presented a Country Risk Outlook on Latin America, during which she discussed the vulnerabilities facing this region, and the emerging mechanisms used to address and minimize these vulnerabilities. She also explored the current trends in U.S. trade with various Latin American countries.

Speaking on The United States: Recovery or Decline, Nouriel Roubini, Co-Founder & Chairman, RGE Monitor, assessed the current state of the U.S. economy. Mr. Roubini offered his views on a possible recession, the housing and mortgage crisis, the credit crunch, the role of the U.S. Federal Reserve and the overall impact of the financial crisis on the U.S. consumer and on the global economy.

Ken Moyle, Senior Vice President, Coface North America, discussed Coface Outlook & Ratings, and offered business climate ratings for countries in various regions, including North America, Europe, Asia, Africa and Latin America. A question-and-answer session with the above experts concluded the seminar. Guests then gathered for networking and a cocktail reception.