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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 11 th , 2010 Drs. A.G. Romero Executive director Bank van de Nederlandse Antillen. Agenda:.
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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 , 2010 Drs. A.G. Romero Executive director Bank van de NederlandseAntillen
Agenda: • 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
Importance financial services industry in Curacao • Financial services represent 16% of the economy • 16% employment created in the sector • Average of 11% foreign exchange earnings
Challenges for the country Curacao • 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 • Flexiblisationof labor market laws