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Conclusions and the Way Forward

In: Financial Centres in Europe

Author

Listed:
  • Rym Ayadi

    (Centre for European Policy Studies)

  • Emrah Arbak

    (Centre for European Policy Studies)

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.

Suggested Citation

  • Rym Ayadi & Emrah Arbak, 2014. "Conclusions and the Way Forward," Palgrave Macmillan Studies in Banking and Financial Institutions, in: Financial Centres in Europe, chapter 5, pages 103-107, Palgrave Macmillan.
    • Handle: RePEc:pal:pmschp:978-1-137-27504-2_5
    DOI: 10.1057/9781137275042_5
    as

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