Are new risks lurking in the financial undergrowth? On the face of it, everything looks rosy, with global growth slated to be 3.9% this year, according to the IMF. But are we in danger of getting complacent?
This, in essence, was the question I and others debated on a EuroPlace panel recently. The focus was on the French market, but many of the issues were globally relevant.
The starting point is this: the overhang of the financial crisis is still with us. Some of the risks with which we grappled then are still poorly understood. And the actions taken to deal with them have in some instances opened up new vulnerabilities.
So where should we be focusing our attention?
I see three key issues – liquidity, technology and sustainability. Let me outline my thoughts on liquidity below.