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The implications of the financial-economic crisis for the financial services industry
Presentation: Globalaw Americas Regional meeting Hotel Hyatt Regency Curacao
June 11th , 2010Drs. A.G. Romero
Executive director Bank van de Nederlandse Antillen
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Challenges for the local financial sector.◦ GDP growth 1%◦ Unemployment rate drops to 10%
World economic and financial environment.◦ World Economic outlook◦ Performance selected countries ◦ Dow Jones industrial avg. New York◦ AEX Amsterdam◦ Euro dollar exchange rate
Agenda:
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Financial services represent 16% of the economy
16% employment created in the sector Average of 11% foreign exchange earnings
Importance financial services industry in Curacao
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Adherence to budgetary norms and corporate governance rules
Maintaining the financial services industry flexible and transparent
Transparency and information exchange standards
Reduction corporate tax rates Flexiblisation of labor market laws
Challenges for the country Curacao
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China
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USA
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Greece
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Portugal
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Italy
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Spain
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Euro – dollar exchange rate Q1 2001 – Q2 2010
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Gold World spot prices (in USD)
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AEX index Amsterdam Q4 2008- Q2 2010
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AEX AmsterdamQ2 2007- Q2 2010
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Dow Jones Industrial Avg. (New York)Q4 -2008 - Q2 2010
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Dow Jones Industrial Avg Q2 2007- Q2 2010