Conclusions and the Way Forward

Rym Ayadi and Emrah Arbak
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Rym Ayadi: Centre for European Policy Studies
Emrah Arbak: Centre for European Policy Studies

Chapter 5 in Financial Centres in Europe, 2014, pp 103-107 from Palgrave Macmillan

Abstract: Abstract The external environment awaiting European small financial centres is likely to change in the upcoming years. The fiscal challenges in most advanced Western economies, due both to the crisis responses and to the aging population, is likely to lead to higher taxes and fiscal problems. The financial crisis has also led to a new regulatory drive, widening both the scope and depth of financial market regulations. As the increased importance of the G-20 clearly attests, there is also an agreement to achieve greater global coordination and governance. Reputation is becoming capital, with small financial centres that have weak records facing increasing scrutiny and substantial drawbacks in the international political arena. Meanwhile, global wealth is increasingly shifting to the East and towards the emerging economies, posing concentration risks to the small European financial centres.

Keywords: Financial Crisis; Fiscal Policy; Global Governance; Financial Centre; Crisis Response (search for similar items in EconPapers)
Date: 2014
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Persistent link: https://EconPapers.repec.org/RePEc:pal:pmschp:978-1-137-27504-2_5

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DOI: 10.1057/9781137275042_5

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