Port Business as Usual
Descrição do Produto
Concentration in Ports 1
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Concentration in shipping was the unavoidable outcome of the abolition of liner conferences from European trades.
The increased market power of carriers has allowed them, at times, to play one port against the other.
The fear of losing traffic to competitors has led ports to price their services well bellow costs, with the taxpayer called upon to foot the bill of, often, useless investments, either politically motivated, economically irrational, or aimed to 'steal' traffic from a neighbouring port, even within the same country.
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Concentration in Ports 3
European port policy is moving away from a centralistic port planning system to one guided by autonomy; market-driven investments; efficiency; and competition.
The grouping of ports and the adoption of common commercial practices - apparently grouped ports would not be allowed to compete among themselves- is not only anticompetitive, but it takes away every managerial incentive for higher efficiency and innovation.
Thus, ports run the risk of developing into passive (bureaucratic) onlookers of developments around them, and this is exactly the (past) situation European port policy wants to change.
Captive markets do not remain captive for long without innovation, and competition in neighbouring countries is moving ahead aggressively. In the port sector, "national grouping" for "international competiveness" remains to be proven.
Objectives of National Ports and Logistics Plan (PNPL)
Harmonize the country's port system to that proposed by TEN-T
Select as ports of national interest those included as 'core' ports in TEN-T
Strengthen the link between ports and logistics service providers
Improve the competitiveness of Italian exports
Strengthen the competitiveness of Italian ports vis a vis those of northern Europe
Save–or so it thought- on the financial resources going into other public port administrations, i.e. those port authorities intended to be abolished and integrated under those of 'core' ports.
Port clusters and port aggregations
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Key issues in port consolidation
Local politicians need to ensure that a 'grouping strategy' does not cannibalize one port to the benefit of another as a result of political power games;
They need to explain clearly to their voters how the benefits of the grouping are going to be shared among the participating ports, cities; and citizenry;
Hopefully, they should be able to do this keeping in mind that the best planning ever is that achieved by free albeit well-regulated markets.
Infrastructure financing through PPPs
Italy: A textbook mistake in economic reform
Reduce size against improving efficiency
The challenge of bureaucracy
The Port of Rotterdam example
The financing of Italian ports (VAT receipts)
Supply-based port development (public)
Project financing, PPPs and demand based development (private)
In Conclusion:
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Efficiency and innovation are tantamount to competition, and ports need to be allowed to compete both nationally and internationally.
Three things only are required to ensure fair competition:
transparency in the financial flows between port and government
Pricing for cost recovery
an independent regulatory authority
All the planning we need is well described by TEN-T; small national fine-tuning is only necessary.
Governments should totally retrench from port financing (with the exception of major works of national interest), maintaining only a regulatory role for what concerns safety and security.
If ports need to be few or many, this must be decided by markets and not by politicians.
This is exactly the spirit of the "market access regulation" of the European Commission.
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In Conclusion (2)
Port administrations need to assume a highly entrepreneurial and market-oriented approach
Ports need to move towards a 'real' landlord model, with more autonomy in their financing; pricing; real estate management; and labor operations
Emphasis on "green efficiency"
Port labor: Advanced training of young professionals, according to ILO standards, employed in an open port labor market
State aid guidelines and clear definition of "public vs. private" investment in the port sector
Free –albeit well regulated- market access to port services needs to be ensured
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Concentration in Ports 2
In a number of cases, countries have thought that the answer to concentration in shipping is concentration in ports.
In Italy, for instance, the government is contemplating the creation of a handful of "port districts" in the place of the country's 24 ports.
The obvious argument behind this idea is the rationalisation of scarce resources and the avoidance of wasteful competition on infrastructure.
The less obvious, albeit more important, consideration though is to put forward a countervailing power against that of the carriers.
So far so good, and integration along these lines makes good economic sense. But the risks of such a strategy are both sizable and visible:
Regional planning, and inter-port competition
Centralization vs. decentralization
Regional planning, finance, and political influence
Brindisi examples:
Brindisi vs Bari (Grimaldi Lines)
TEN-T and Apulian ports
Port competition and transshipment (2)
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In addition, port competition, naturally, has developed mostly for transshipment cargo which is highly volatile and whose local impacts are lesser still. It has therefore been argued, in my view correctly, by a number of quarters, including voices within the European Commission, that it is no longer acceptable to expend public resources on the development of, principally private, infrastructure intended to 'steal' cargo from each other, among members of a Union. Such voices are particularly relevant today, when our new primary objective is for greater fiscal harmonization and control across the Union. The recent inclusion of ports in Trans-European Transport Networks (TEN-T) was in this sense a most opportune and timely development. Port infrastructure in Europe, at least major works of predominantly commercial use, needs to be better planned and appropriately financed.
Port restructuring and reform
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The situation described above has led to intensified competition among ports. At first sight this can only be good, given the ensuing port efficiency. Indeed, free trade, globalization and export-led growth strategies of nations are requiring the highest efficiency from every single link and node of the supply chain.
Infrastructure development in Europe and Global Supply Chain Management
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It only takes a cursory look at the map of Europe to realize that our road; rail; and inland waterways infrastructure looks not much different than a nice dish of Italian spaghetti! This impressive development of infrastructure (especially that of north-south), coupled with the free movement of goods and the abolition of border controls, have expanded port catchment areas and have virtually made "the whole of Europe" the hinterland of each port. Ad passim, this development has been facilitated by transport pricing policies that have failed to internalize transport externalites.
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Containerisation and Port Competition
Globalisation, trade liberalisation, regional integration and infrastructure development in general have all helped in changing the above picture drastically, in many ports. Hinterlands have been expanded (and ceased to be captive) and ports tend to operate in an increasingly competitive environment where each port's development, financing and pricing decisions can have marked effects on its neighbours, nationally and –most importantly- internationally. Often, this raises strong voices for market driven investments, a more harmonised approach in the financing of port infrastructure, as well as pricing policies that will have to allow for full cost recovery. In addition, ports are losing their 'public good' character and are becoming increasingly commercial undertakings (at least container ports). This calls for financing and pricing policies with the 'user' in mind rather than the 'general taxpayer'
(Port Regulation Theme 2: Transparency; state aid; financing; pricing)
Ports in the past (2)
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Bureaucracy and inefficiency of port operations were notorious. The captive nature of the demand for port services made ports public monopolies. Port labor was also a public monopoly, and technical-nautical services were restrictive, on arguments such as 'market size' and 'Public Service Obligations (PSO)'. There is evidence that such monopoly situations were even encouraged, as they offered local stakeholders (often governing bodies of port authorities) effective protection from outside competition (Port Regulation Theme 1: liberalization of port services).
Ports in the past (1)
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Ports in the past (and I am afraid in many instances even today) were mere interface points between sea and land. They were administered as public bodies, with non-market criteria, and their sole function was to transfer cargo from sea to shore as safely as possible. Their infrastructure was financed publicly and, given the captive nature of their demand, port infrastructure development was a straightforward exercise: the demand for port services was almost deterministic, depending on population size; national income; and volume of trade.
The EU Port Regulation
In 2013, and after two unsuccessful attempts since 2001, The European Commission introduced a new draft regulation, yet to be voted and enacted by the Council of Ministers and the European Parliament. This policy intervention aims to regulate two long-outstanding problems of the European port industry:
Liberalization of the markets for port services
Transparency and operational and financial autonomy of ports
Infrastructure development in Europe and Global Supply Chain Management
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Our extensive infrastructure has given shippers, carriers, and supply chain managers ample choice in the selection of their routings. The selection of the port itself plays a lesser role today, vis à vis the selection of the optimum supply chain. I have found out that there are 37 different ways to bring a bicycle, made in Wuhan, China, to Paris, and it makes little difference if it passes through Antwerp, Rotterdam or Hamburg. Now it is supply chains that compete and not just ports. The demand for port services has thus become dynamic and extremely difficult to forecast in depth of time.
Port Business as Usual:
Supply Chain Competition, Transparency and Private Finance
(cases from Southern Europe)
Professor HE Haralambides
Erasmus University Rotterdam
5 November 2015, Izmir, Turkey
Economic Impacts are not Localised
Thus, nowadays, competition takes place among global supply chains and not between ports. Moreover, container traffic is 'footloose' and has no 'loyalty' to any particular port.
The high capital-intensity and automation of modern ports reduces local economic value-added. The economic benefits of port infrastructure development accrue to carriers and, in the end, to foreign exporters who use the port just as a 'gate'.
Governments, therefore, are reluctant to, indiscriminately, finance port infrastructure, asking for 'step-wise', 'demand-driven' investments under commercial terms (Maasvlakte II – Rotterdam). In other words, "show me the customer (concession) and I will give you the money which, however, I would like to get back".
Finally, ports are losing their 'public good' character, increasingly become 'private goods' requiring private financing and 'user pay' charges to recover costs.
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Trans-European Transport Network (TEN-T)
The European port industry has, again, been found rather reluctant to make further progress on the liberalization of port services and, as a result, the new draft regulation, being a political compromise, offers significant leeway to ports so as to keep things as they were. Possibilities to restrict liberalization and market access are grounded on:
1. Minimum requirements
('photographic' tendering procedures)
2. Limitation of the number of providers
(competition for the market)
3. Public service obligations
(vagueness on what constitutes 'general economic interest' and 'affordable' price)
4. Internal operator
(conditioned upon financial transparency)
TEN-T and national transport and logistics planning
Objectives of TEN-T
Advance economic and social cohesion
Harmonize and rationalize public investments in infrastructure throughout Europe
Improve the competitiveness of European exports
Third countries and Motorways of the Sea (MoS)
The inclusion (and financing) of ports in TEN-T is by and large conditioned upon their modernization, liberalization of port services, reform in general, and market efficiency.
Competition, Excess Capacity and the Pricing of Port Infrastructure (1)
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…The pricing strategy of a port is dependent on the way the port is financed and, ultimately, on the ownership status of the port: should, thus, a publicly owned and financed port be allowed to compete on price, for the same custom, with a privately owned port that has to charge higher prices in an effort to recover its investments? What if these ports belong to the same, economically interdependent, geographic area (e.g. the European Union)? What if the effects of strategic pricing of different ports are, at the end of the day, felt by the same consumers or taxpayers? Should ports primarily engaged in commercial operations, such as container terminals, be publicly financed or should the port user pay in full for the port services he buys? Do ports need to recover infrastructure costs through pricing? And what happens if some do and others don't, while all have to compete for the same hinterland? Is there such a thing as `efficient port pricing' and is there scope for policy intervention to ensure a level playing field?
Competition, Excess Capacity and the Pricing of Port Infrastructure (2)
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The paper shows how Long-run Marginal Cost Pricing of port infrastructure can be a powerful `pricing discipline' towards achieving cost recovery and fair competition among ports. To succeed in this, the paper advocates for stronger policy intervention in order to ensure greater transparency of port accounting systems, better and more harmonized port statistics, a meaningful set of state aid guidelines, and stricter application of Competition Law in port infrastructure investments.
Port Regulation Theme 2:
Transparency; autonomy; pricing and finance
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In the past 20 years I have participated in four large studies of the EC on port charging, financing and pricing, starting with the seminal work of the Commission entitled Green Paper for Ports and Maritime Infrastructure. Twenty years later, I can still recall the words of Neil Kinnock telling me that "if you decided to get down to the issue of port pricing, I can promise you one thing: you will retire with the same subject". My main concerns were exemplified in my paper "Competition, Excess Capacity and the Pricing of Port Infrastructure" published 10 years ago in Maritime Economics and Logistics (2002) 4, 323-347. doi:10.1057/palgrave.ijme.9100053, and thoroughly revised in my new book "Port Management" (Palgrave McMillan, 2015).
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Click to edit Master title style
Click to edit Master subtitle style
05-Nov-15
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05-Nov-15
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Click to edit Master title style
05-Nov-15
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Click to edit Master title style
CLICK TO EDIT MASTER TEXT STYLES
Click to edit Master text styles
Second level
Third level
Fourth level
Fifth level
CLICK TO EDIT MASTER TEXT STYLES
Click to edit Master text styles
Second level
Third level
Fourth level
Fifth level
05-Nov-15
#
Click to edit Master title style
Click to edit Master text styles
Second level
Third level
Fourth level
Fifth level
Click to edit Master text styles
Second level
Third level
Fourth level
Fifth level
05-Nov-15
#
Click to edit Master title style
Click to edit Master text styles
05-Nov-15
#
Click to edit Master title style
Click to edit Master text styles
Second level
Third level
Fourth level
Fifth level
05-Nov-15
#
Click to edit Master title style
Click to edit Master text styles
Second level
Third level
Fourth level
Fifth level
Click to edit Master text styles
05-Nov-15
#
05-Nov-15
#
Click to edit Master title style
05-Nov-15
#
05-Nov-15
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Click to edit Master title style
05-Nov-15
#
Click to edit Master title style
Click to edit Master text styles
Click to edit Master text styles
Second level
Third level
Fourth level
Fifth level
Click to edit Master text styles
Click to edit Master text styles
Second level
Third level
Fourth level
Fifth level
05-Nov-15
#
Click to edit Master title style
Click to edit Master text styles
Second level
Third level
Fourth level
Fifth level
Click to edit Master text styles
Second level
Third level
Fourth level
Fifth level
05-Nov-15
#
Click to edit Master title style
Click to edit Master text styles
05-Nov-15
#
Click to edit Master title style
Click to edit Master text styles
Second level
Third level
Fourth level
Fifth level
05-Nov-15
#
Click to edit Master title style
Click to edit Master subtitle style
05-Nov-15
#
Click to edit Master title style
Click to edit Master text styles
Second level
Third level
Fourth level
Fifth level
Click to edit Master text styles
05-Nov-15
#
Click to edit Master title style
Click to edit Master text styles
05-Nov-15
#
Click to edit Master title style
Click to edit Master text styles
Second level
Third level
Fourth level
Fifth level
05-Nov-15
#
Click to edit Master title style
Click to edit Master text styles
Click to edit Master text styles
Second level
Third level
Fourth level
Fifth level
Click to edit Master text styles
Click to edit Master text styles
Second level
Third level
Fourth level
Fifth level
05-Nov-15
#
Click to edit Master title style
Click to edit Master text styles
Second level
Third level
Fourth level
Fifth level
Click to edit Master text styles
Second level
Third level
Fourth level
Fifth level
05-Nov-15
#
Click to edit Master title style
Click to edit Master text styles
05-Nov-15
#
Click to edit Master title style
Click to edit Master text styles
Second level
Third level
Fourth level
Fifth level
05-Nov-15
#
Click to edit Master title style
Click to edit Master subtitle style
05-Nov-15
#
Click to edit Master title style
Click to edit Master text styles
Second level
Third level
Fourth level
Fifth level
05-Nov-15
#
Click to edit Master title style
Click to edit Master text styles
Second level
Third level
Fourth level
Fifth level
Click to edit Master text styles
05-Nov-15
#
Click to edit Master title style
Click icon to add picture
Click to edit Master text styles
05-Nov-15
#
Click to edit Master title style
Click icon to add picture
Click to edit Master text styles
05-Nov-15
#
Click to edit Master title style
Click to edit Master text styles
Second level
Third level
Fourth level
Fifth level
05/11/2015
Erasmus University Rotterdam
#
Click to edit Master title style
Click to edit Master subtitle style
05/11/2015
Erasmus University Rotterdam
#
Click to edit Master title style
Click to edit Master text styles
Second level
Third level
Fourth level
Fifth level
05-Nov-15
#
Click to edit Master title style
Click to edit Master text styles
Second level
Third level
Fourth level
Fifth level
05-Nov-15
#
Click to edit Master title style
Click to edit Master text styles
Click to edit Master text styles
05-Nov-15
#
Click to edit Master title style
Click to edit Master text styles
Click to edit Master text styles
05-Nov-15
#
"
"
Click to edit Master title style
Click to edit Master text styles
05-Nov-15
#
Click to edit Master title style
Click to edit Master text styles
05/11/2015
Erasmus University Rotterdam
#
Click to edit Master title style
Click to edit Master text styles
Second level
Third level
Fourth level
Fifth level
Click to edit Master text styles
Second level
Third level
Fourth level
Fifth level
05/11/2015
Erasmus University Rotterdam
#
Click to edit Master title style
Click to edit Master text styles
Click to edit Master text styles
Second level
Third level
Fourth level
Fifth level
Click to edit Master text styles
Click to edit Master text styles
Second level
Third level
Fourth level
Fifth level
05/11/2015
Erasmus University Rotterdam
#
Click to edit Master title style
Click to edit Master text styles
Second level
Third level
Fourth level
Fifth level
05/11/2015
Erasmus University Rotterdam
#
Click to edit Master title style
Click to edit Master text styles
Second level
Third level
Fourth level
Fifth level
05/11/2015
Erasmus University Rotterdam
#
Click to edit Master title style
Click to edit Master text styles
05/11/2015
Erasmus University Rotterdam
#
Click to edit Master title style
Click to edit Master text styles
Second level
Third level
Fourth level
Fifth level
Click to edit Master text styles
05/11/2015
Erasmus University Rotterdam
#
05/11/2015
Erasmus University Rotterdam
#
Click to edit Master title style
05/11/2015
Erasmus University Rotterdam
#
Click to edit Master title style
Click to edit Master text styles
Click to edit Master text styles
05-Nov-15
#
"
"
Click to edit Master title style
Click to edit Master text styles
05-Nov-15
#
Click to edit Master title style
Click icon to add picture
Click to edit Master text styles
05-Nov-15
#
Click to edit Master text styles
Second level
Third level
Fourth level
Fifth level
05-Nov-15
#
Click to edit Master title style
Click to edit Master title style
Click to edit Master text styles
Click to edit Master text styles
05-Nov-15
#
"
"
Click to edit Master title style
Click to edit Master text styles
Click to edit Master text styles
05-Nov-15
#
Click to edit Master title style
Click to edit Master text styles
05-Nov-15
#
"
"
Click to edit Master title style
Click to edit Master text styles
Click to edit Master text styles
05-Nov-15
#
Click to edit Master title style
Click to edit Master text styles
05-Nov-15
#
Click to edit Master title style
Click to edit Master text styles
Second level
Third level
Fourth level
Fifth level
05-Nov-15
#
Click to edit Master title style
Click to edit Master subtitle style
05-Nov-15
#
Click to edit Master title style
Click to edit Master text styles
Second level
Third level
Fourth level
Fifth level
05-Nov-15
#
Click to edit Master title style
Click to edit Master text styles
Second level
Third level
Fourth level
Fifth level
Click to edit Master text styles
05-Nov-15
#
05-Nov-15
#
Click to edit Master title style
05-Nov-15
#
Click to edit Master title style
Click to edit Master text styles
Click to edit Master text styles
Second level
Third level
Fourth level
Fifth level
Click to edit Master text styles
Click to edit Master text styles
Second level
Third level
Fourth level
Fifth level
05-Nov-15
#
Click to edit Master title style
Click to edit Master text styles
Second level
Third level
Fourth level
Fifth level
Click to edit Master text styles
Second level
Third level
Fourth level
Fifth level
05-Nov-15
#
Click to edit Master title style
Click to edit Master text styles
05-Nov-15
#
Click to edit Master title style
Click to edit Master text styles
Second level
Third level
Fourth level
Fifth level
05/11/2015
Erasmus University Rotterdam
#
Click to edit Master title style
05/11/2015
Erasmus University Rotterdam
#
Click to edit Master title style
05/11/2015
Erasmus University Rotterdam
#
Click to edit Master title style
© Erasmus University Rotterdam
#
Click to edit Master text styles
Second level
Third level
Fourth level
Fifth level
Click to edit Master subtitle style
© Erasmus University Rotterdam
#
Click to edit Master title style
Click to edit Master title style
Click to edit Master text styles
Second level
Third level
Fourth level
Fifth level
© Erasmus University Rotterdam
#
Click to edit Master title style
Click to edit Master text styles
Second level
Third level
Fourth level
Fifth level
© Erasmus University Rotterdam
#
Click to edit Master title style
Click to edit Master text styles
© Erasmus University Rotterdam
#
Click icon to add picture
Click to edit Master title style
Click to edit Master text styles
© Erasmus University Rotterdam
#
Click to edit Master text styles
Second level
Third level
Fourth level
Fifth level
Click to edit Master title style
Click to edit Master text styles
© Erasmus University Rotterdam
#
Click to edit Master title style
© Erasmus University Rotterdam
#
Click to edit Master text styles
Second level
Third level
Fourth level
Fifth level
Click to edit Master text styles
Second level
Third level
Fourth level
Fifth level
Click to edit Master title style
Click to edit Master text styles
Click to edit Master text styles
© Erasmus University Rotterdam
#
Click to edit Master text styles
Second level
Third level
Fourth level
Fifth level
Click to edit Master text styles
Second level
Third level
Fourth level
Fifth level
Click to edit Master title style
Click to edit Master text styles
Second level
Third level
Fourth level
Fifth level
© Erasmus University Rotterdam
#
Click to edit Master title style
Click to edit Master text styles
Second level
Third level
Fourth level
Fifth level
© Erasmus University Rotterdam
#
Click to edit Master title style
Click to edit Master text styles
© Erasmus University Rotterdam
#
Click icon to add picture
Click to edit Master title style
Click to edit Master text styles
© Erasmus University Rotterdam
#
Click to edit Master text styles
Second level
Third level
Fourth level
Fifth level
© Erasmus University Rotterdam
#
Click to edit Master title style
© Erasmus University Rotterdam
#
© Erasmus University Rotterdam
#
Click to edit Master title style
© Erasmus University Rotterdam
#
Click to edit Master title style
Click to edit Master text styles
Click to edit Master text styles
© Erasmus University Rotterdam
#
Click to edit Master text styles
Second level
Third level
Fourth level
Fifth level
Click to edit Master text styles
Second level
Third level
Fourth level
Fifth level
© Erasmus University Rotterdam
#
Click to edit Master title style
© Erasmus University Rotterdam
#
Click to edit Master title style
Click to edit Master text styles
Click to edit Master text styles
© Erasmus University Rotterdam
#
Click to edit Master text styles
Second level
Third level
Fourth level
Fifth level
Click to edit Master text styles
Second level
Third level
Fourth level
Fifth level
Click to edit Master title style
© Erasmus University Rotterdam
#
Click to edit Master text styles
Second level
Third level
Fourth level
Fifth level
Click to edit Master text styles
Second level
Third level
Fourth level
Fifth level
Click to edit Master title style
Click to edit Master text styles
© Erasmus University Rotterdam
#
Click to edit Master title style
© Erasmus University Rotterdam
#
Click to edit Master text styles
Second level
Third level
Fourth level
Fifth level
Click to edit Master title style
Click to edit Master text styles
© Erasmus University Rotterdam
#
Click to edit Master text styles
Second level
Third level
Fourth level
Fifth level
Click to edit Master title style
Click to edit Master text styles
© Erasmus University Rotterdam
#
Click icon to add picture
Click to edit Master title style
Click to edit Master text styles
Second level
Third level
Fourth level
Fifth level
© Erasmus University Rotterdam
#
Click to edit Master title style
© Erasmus University Rotterdam
#
Click to edit Master text styles
Second level
Third level
Fourth level
Fifth level
Click to edit Master text styles
Second level
Third level
Fourth level
Fifth level
Click to edit Master title style
05/11/2015
Erasmus University Rotterdam
#
Click to edit Master title style
© Erasmus University Rotterdam
#
Click to edit Master text styles
Second level
Third level
Fourth level
Fifth level
Click to edit Master subtitle style
© Erasmus University Rotterdam
#
Click to edit Master title style
Click to edit Master title style
Click to edit Master text styles
Second level
Third level
Fourth level
Fifth level
© Erasmus University Rotterdam
#
Click to edit Master title style
Click to edit Master subtitle style
05/11/2015
Erasmus University Rotterdam
#
Click to edit Master title style
Click to edit Master text styles
Second level
Third level
Fourth level
Fifth level
05/11/2015
Erasmus University Rotterdam
#
Click to edit Master title style
Click to edit Master text styles
05/11/2015
Erasmus University Rotterdam
#
Click to edit Master title style
Click to edit Master text styles
05-Nov-15
#
Click to edit Master title style
Click icon to add picture
Click to edit Master text styles
05-Nov-15
#
Click to edit Master title style
Click icon to add picture
Click to edit Master text styles
05-Nov-15
#
Click to edit Master title style
Click to edit Master text styles
Second level
Third level
Fourth level
Fifth level
Click to edit Master text styles
05-Nov-15
#
05-Nov-15
#
Click to edit Master title style
05-Nov-15
#
Click to edit Master title style
Click to edit Master text styles
Click to edit Master text styles
05-Nov-15
#
"
"
Click to edit Master title style
Click to edit Master text styles
05-Nov-15
#
Click to edit Master title style
Click to edit Master text styles
Click to edit Master text styles
Click to edit Master text styles
Click to edit Master text styles
Click to edit Master text styles
Click to edit Master text styles
05-Nov-15
#
5
Click to edit Master title style
Click to edit Master text styles
Second level
Third level
Fourth level
Fifth level
05-Nov-15
#
Click to edit Master title style
Click to edit Master text styles
Second level
Third level
Fourth level
Fifth level
05-Nov-15
#
Click to edit Master title style
Click to edit Master text styles
Click icon to add picture
Click to edit Master text styles
Click to edit Master text styles
Click icon to add picture
Click to edit Master text styles
Click to edit Master text styles
Click icon to add picture
Click to edit Master text styles
05-Nov-15
#
Click to edit Master title style
Click to edit Master text styles
Click to edit Master text styles
Second level
Third level
Fourth level
Fifth level
Click to edit Master text styles
Click to edit Master text styles
Second level
Third level
Fourth level
Fifth level
05-Nov-15
#
Click to edit Master title style
Click to edit Master text styles
Second level
Third level
Fourth level
Fifth level
Click to edit Master text styles
Second level
Third level
Fourth level
Fifth level
05-Nov-15
#
Click to edit Master title style
Click to edit Master text styles
05-Nov-15
#
Click to edit Master title style
Click to edit Master text styles
05/11/2015
Erasmus University Rotterdam
#
Click to edit Master title style
Click to edit Master text styles
Second level
Third level
Fourth level
Fifth level
Click to edit Master text styles
05/11/2015
Erasmus University Rotterdam
#
05/11/2015
Erasmus University Rotterdam
#
Click to edit Master title style
05/11/2015
Erasmus University Rotterdam
#
Click to edit Master title style
Click to edit Master text styles
Click to edit Master text styles
Second level
Third level
Fourth level
Fifth level
Click to edit Master text styles
Click to edit Master text styles
Second level
Third level
Fourth level
Fifth level
05/11/2015
Erasmus University Rotterdam
#
Click to edit Master title style
Click to edit Master text styles
Second level
Third level
Fourth level
Fifth level
Click to edit Master text styles
Second level
Third level
Fourth level
Fifth level
05/11/2015
Erasmus University Rotterdam
#
Click to edit Master title style
Click to edit Master text styles
Second level
Third level
Fourth level
Fifth level
05/11/2015
Erasmus University Rotterdam
#
Click to edit Master title style
Click to edit Master text styles
Second level
Third level
Fourth level
Fifth level
05/11/2015
Erasmus University Rotterdam
#
Click to edit Master title style
Click to edit Master text styles
Second level
Third level
Fourth level
Fifth level
05/11/2015
Erasmus University Rotterdam
#
Click to edit Master title style
Click to edit Master text styles
Second level
Third level
Fourth level
Fifth level
05-Nov-15
#
Click to edit Master title style
Click to edit Master subtitle style
05-Nov-15
#
Click to edit Master title style
05/11/2015
Erasmus University Rotterdam
#
Click to edit Master title style
05/11/2015
Erasmus University Rotterdam
#
Click to edit Master title style
05/11/2015
Erasmus University Rotterdam
#
Click to edit Master subtitle style
© Erasmus University Rotterdam
#
Click to edit Master title style
Click to edit Master title style
Click to edit Master text styles
© Erasmus University Rotterdam
#
Click to edit Master title style
05/11/2015
Erasmus University Rotterdam
#
Click to edit Master title style
Click to edit Master text styles
Second level
Third level
Fourth level
Fifth level
© Erasmus University Rotterdam
#
Click to edit Master title style
Click to edit Master text styles
Second level
Third level
Fourth level
Fifth level
© Erasmus University Rotterdam
#
Click to edit Master title style
Click to edit Master text styles
Second level
Third level
Fourth level
Fifth level
© Erasmus University Rotterdam
#
Click to edit Master title style
Click to edit Master text styles
© Erasmus University Rotterdam
#
Click icon to add picture
Click to edit Master title style
Click to edit Master text styles
© Erasmus University Rotterdam
#
Click to edit Master text styles
Second level
Third level
Fourth level
Fifth level
© Erasmus University Rotterdam
#
Click to edit Master title style
© Erasmus University Rotterdam
#
Click to edit Master text styles
Second level
Third level
Fourth level
Fifth level
Click to edit Master title style
Click to edit Master text styles
© Erasmus University Rotterdam
#
Click to edit Master title style
© Erasmus University Rotterdam
#
Click to edit Master text styles
Second level
Third level
Fourth level
Fifth level
Click to edit Master text styles
Second level
Third level
Fourth level
Fifth level
Click to edit Master title style
Click to edit Master text styles
Second level
Third level
Fourth level
Fifth level
© Erasmus University Rotterdam
#
Click to edit Master title style
Click to edit Master text styles
© Erasmus University Rotterdam
#
Click icon to add picture
Click to edit Master title style
Click to edit Master text styles
© Erasmus University Rotterdam
#
Click to edit Master text styles
Second level
Third level
Fourth level
Fifth level
© Erasmus University Rotterdam
#
Click to edit Master title style
© Erasmus University Rotterdam
#
Click to edit Master title style
Click to edit Master text styles
Click to edit Master text styles
© Erasmus University Rotterdam
#
Click to edit Master text styles
Second level
Third level
Fourth level
Fifth level
Click to edit Master text styles
Second level
Third level
Fourth level
Fifth level
Click to edit Master title style
© Erasmus University Rotterdam
#
Click to edit Master title style
Click to edit Master text styles
Click to edit Master text styles
© Erasmus University Rotterdam
#
Click to edit Master text styles
Second level
Third level
Fourth level
Fifth level
Click to edit Master text styles
Second level
Third level
Fourth level
Fifth level
Click to edit Master title style
© Erasmus University Rotterdam
#
Click to edit Master text styles
Second level
Third level
Fourth level
Fifth level
Click to edit Master text styles
Second level
Third level
Fourth level
Fifth level
Click to edit Master title style
© Erasmus University Rotterdam
#
Click to edit Master title style
Click to edit Master text styles
Click to edit Master text styles
© Erasmus University Rotterdam
#
Click to edit Master text styles
Second level
Third level
Fourth level
Fifth level
Click to edit Master text styles
Second level
Third level
Fourth level
Fifth level
Click to edit Master title style
© Erasmus University Rotterdam
#
Click to edit Master text styles
Second level
Third level
Fourth level
Fifth level
Click to edit Master text styles
Second level
Third level
Fourth level
Fifth level
Click to edit Master title style
Click to edit Master text styles
© Erasmus University Rotterdam
#
Click to edit Master title style
© Erasmus University Rotterdam
#
Click to edit Master text styles
Second level
Third level
Fourth level
Fifth level
Click to edit Master subtitle style
© Erasmus University Rotterdam
#
Click to edit Master title style
© Erasmus University Rotterdam
#
Click to edit Master title style
Click to edit Master text styles
© Erasmus University Rotterdam
#
Click to edit Master text styles
Second level
Third level
Fourth level
Fifth level
Click to edit Master title style
Click to edit Master text styles
© Erasmus University Rotterdam
#
Click icon to add picture
Click to edit Master title style
Click to edit Master text styles
© Erasmus University Rotterdam
#
Click to edit Master title style
© Erasmus University Rotterdam
#
Click to edit Master text styles
Second level
Third level
Fourth level
Fifth level
Click to edit Master subtitle style
© Erasmus University Rotterdam
#
Click to edit Master title style
Click to edit Master title style
Click to edit Master text styles
Second level
Third level
Fourth level
Fifth level
© Erasmus University Rotterdam
#
Click to edit Master title style
Click to edit Master text styles
Second level
Third level
Fourth level
Fifth level
© Erasmus University Rotterdam
#
Click to edit Master title style
Click to edit Master text styles
Second level
Third level
Fourth level
Fifth level
© Erasmus University Rotterdam
#
Click to edit Master subtitle style
© Erasmus University Rotterdam
#
Click to edit Master title style
Click to edit Master title style
Click to edit Master text styles
© Erasmus University Rotterdam
#
Click icon to add picture
© Erasmus University Rotterdam
#
Click to edit Master title style
© Erasmus University Rotterdam
#
Click to edit Master text styles
Second level
Third level
Fourth level
Fifth level
© Erasmus University Rotterdam
#
Click to edit Master title style
© Erasmus University Rotterdam
#
Click to edit Master title style
Click to edit Master text styles
© Erasmus University Rotterdam
#
Click to edit Master text styles
Second level
Third level
Fourth level
Fifth level
Click to edit Master subtitle style
© Erasmus University Rotterdam
#
Click to edit Master title style
Click to edit Master title style
Click to edit Master text styles
Second level
Third level
Fourth level
Fifth level
© Erasmus University Rotterdam
#
Click to edit Master title style
Click to edit Master text styles
© Erasmus University Rotterdam
#
Click icon to add picture
Click to edit Master title style
Click to edit Master text styles
Second level
Third level
Fourth level
Fifth level
© Erasmus University Rotterdam
#
Click to edit Master title style
Click to edit Master text styles
Second level
Third level
Fourth level
Fifth level
© Erasmus University Rotterdam
#
Click to edit Master title style
Click to edit Master text styles
© Erasmus University Rotterdam
#
Click to edit Master text styles
Second level
Third level
Fourth level
Fifth level
Click to edit Master title style
© Erasmus University Rotterdam
#
Click to edit Master title style
© Erasmus University Rotterdam
#
Click to edit Master text styles
Second level
Third level
Fourth level
Fifth level
Click to edit Master title style
© Erasmus University Rotterdam
#
Click to edit Master text styles
Second level
Third level
Fourth level
Fifth level
Click to edit Master text styles
Second level
Third level
Fourth level
Fifth level
Click to edit Master title style
Click to edit Master text styles
© Erasmus University Rotterdam
#
Click to edit Master title style
Click to edit Master text styles
Click to edit Master text styles
© Erasmus University Rotterdam
#
Click to edit Master text styles
Second level
Third level
Fourth level
Fifth level
Click to edit Master text styles
Second level
Third level
Fourth level
Fifth level
Click to edit Master title style
Click to edit Master text styles
© Erasmus University Rotterdam
#
Click to edit Master title style
© Erasmus University Rotterdam
#
Click to edit Master text styles
Second level
Third level
Fourth level
Fifth level
Click to edit Master text styles
Second level
Third level
Fourth level
Fifth level
Click to edit Master subtitle style
© Erasmus University Rotterdam
#
Click to edit Master title style
Click to edit Master title style
Click to edit Master text styles
Click to edit Master text styles
© Erasmus University Rotterdam
#
Click to edit Master text styles
Second level
Third level
Fourth level
Fifth level
Click to edit Master text styles
Second level
Third level
Fourth level
Fifth level
05-Nov-15
Click to edit Master text styles
Second level
Third level
Fourth level
Fifth level
#
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