Changing channel – reassessing the Channel Islands' role in the global economy after the banking crisis
Change brings with it the chance of a new beginning, a tabula rasa or clean slate with new possibilities. Since 2008, fundamental weaknesses were exposed in financial markets worldwide. Products, strategies, firms and countries that had been heralded as bastions of success were brought to their knees by risks that crystallised in a cataclysmic meltdown. Drastic change was inevitable. Furthermore, given the inextricable link between their respective financial service offerings, onshore and offshore jurisdictions were viewed as part of the problem – and part of the solution – to a global problem. The Channel Islands have a rich heritage in the provision of outstanding financial services. Backed by strong infrastructure, and fronted by a skilled workforce, both Guernsey and Jersey are esteemed jurisdictions. Local and foreign factors have been considered in developing the comprehensive legal and regulatory framework that governs their financial services industries.
The banking crisis forced a dramatic reassessment of the role of the Channel Islands in the global economy. But Adrian Odell says the resulting engagement with their onshore counterparts has given them a more powerful voice in the reshaping of the international finance industry
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