Since its creation, the Monegasque Association of Financial Activities (AMAF) - which is at the heart of the action and reflection on reforms necessary for the development of the financial centre in the Principality - has proposed many meetings held throughout the year. In this context, a lunch debate was held on 31 January, with the attendance of many personalities including H.E. the Minister of State Serge Telle, Government Counsellor – Minister of Finance and Economy Mr. Jean CASTELLINI, the new CCAF President Mr. Gérard RAMEIX, and his predecessor Mr. Jacques-Henri DAVID. During the debate the Governor of the Bank of France, Mr. François VILLEROY DE GALHAU, spoke. Here is an extract from the talk he gave on a speech he delivered on the outlook for 2019:
Uncertainty dominates the beginning of the year; global uncertainty primarily caused by protectionist threats, the trade war between the US and China, or even between the US and Europe. The sooner confidence can be restored on this matter, the better for economic growth everywhere. Focusing on the main geographical regions, American growth should remain fairly solid, even if it is below that of 2018. Chinese growth is in excess of 6% and the Chinese authorities will no doubt do what is necessary to support their economy. For Europe, there is of course the great uncertainty of Brexit. We must at all costs find a solution in order to prevent this infamous "no deal Brexit".
We must always remember that the dynamism of a country or an economy is the dynamism of its business people, and I believe there is no shortage of dynamic business people in Europe, France and Monaco.
And another key feature of the current period is the importance of innovation. Innovation may be one of the uncertainties we face, as at times it can create concern among employees and in some companies which fear new competitors. But innovation is our greatest existing source of hope, the greatest driver of growth and economic and social growth, and fortunately this is an era of exceptional innovation around digital, and energy transition also.
