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Economy Recovery and Financial Market Competitiveness

Economy Recovery and Financial Market Competitiveness

Effective and efficient financial markets that also are well regulated and governed are a key building block to much needed economy recovery globally.  While every country is different, there are at least 10 universal lessons for thriving financial centers that I have observed throughout my career that need to be considered by all interested stakeholders.  Those are:

  1. Political alignment within and across a government is critical (local, state/provincial, national).
  2. A public-private partnership and deliberate process are key success factors.
  3. A comprehensive, fact-based diagnostic is essential.
  4. A shared vision and actionable strategy are mandatory.
  5. Leadership with accountability is critical.
  6. The collective ability to implement and execute effectively and efficiently over time is needed.
  7. Understanding universal truths is imperative (e.g., capital  and businesses tend to migrate to where they are most welcomed).
  8. Markets are dynamic and changing constantly, requiring monitoring, measuring, and the flexibility to adapt as needed.
  9. Financial crises and dangerous markets are also opportunities for improvement in financial centers and economies.
  10. Balancing prudent legal and regulatory standards with responsiveness to end-users’ needs and the need to grow an economy is a final success factor that cannot be ignored.

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“Financial crises are hardly limited to the purview of central bankers and regulators. The authors skillfully demonstrate that financial crises offer both peril and promise. A ‘must-read’ for top management of any global company, whether a financial or a nonfinancial institution.”
Ronald P. O’Hanley
Vice Chairman, Mellon Financial Corp.

“Based on their vast experience in financial crises around the world during recent years, the authors have developed an impressive review of the origins of and solutions to financial crises. The cost of such crises can be minimized and the path to recovery established earlier if bankers, other corporate executives, and public finance officials take advantage of this effort and apply the lessons learned from their significant work.”
Charles H. Dallara
Managing Director, Institute of International Finance, Inc.