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:
- Political alignment within and across a government is critical (local, state/provincial, national).
- A public-private partnership and deliberate process are key success factors.
- A comprehensive, fact-based diagnostic is essential.
- A shared vision and actionable strategy are mandatory.
- Leadership with accountability is critical.
- The collective ability to implement and execute effectively and efficiently over time is needed.
- Understanding universal truths is imperative (e.g., capital and businesses tend to migrate to where they are most welcomed).
- Markets are dynamic and changing constantly, requiring monitoring, measuring, and the flexibility to adapt as needed.
- Financial crises and dangerous markets are also opportunities for improvement in financial centers and economies.
- 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.