The global crisis is more or less over. The G20 has absorbed the lessons of the crisis. Financial stability issues have been addressed and solutions are being implemented. The G20 l triggers next steps of the global program: How to better finance growth? How to face the new balance between classic banking & credit and capital market services? What is the role of long term investment? How will it face the global challenge of pensions, infrastructures and sustainable economy in a climate change context?

The answers to those strategic questions are not in the “sky” or in any global abstractions. The answers are in our hands at the local level – obviously under the umbrella of common principles & best practices.  This umbrella will leverage economies of scale and minimize fragmentation & regulatory arbitrages that are sources of risk and competitive bias.