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The Covid crisis: how capital markets can be part of the solution. Thank you to all the participants in our call this week to discuss how the banking & finance industry can and should respond to this crisis. A few highlights from the discussion: 1/7
While the industry has so far responded pretty well on the operational & functional side, it has work to do on the reputational side. It is probably too early in the evolution of this crisis to draw any firm conclusions - and there are significant potential risks ahead 2/7
Policymakers & regulators have shown a laudable degree of flexibility & creativity in their response to the crisis though in some areas there is a case for greater collaboration between jurisdictions. This flexibility may come with future quid pro quos attached 3/7
The industry should relentlessly focus on its core purpose & day job: how it can help support the economy & its customers through this crisis & how it can help fuel a recovery. It may have to adjust its modus operandi to ensure the walk matches the talk 4/7
The industry should be careful of raising expectations of what it can achieve and the role in can play in supporting the economy - and there is a danger of overplaying its hand / talking too soon in the short term 5/7
A longer term focus will help: in stretching out problems over the longer term so that they resolve themselves or in taking a longer term perspective on the industry’s performance and to clients, corporates and investing 6/7
We will be publishing a series of papers and hosting more events on different aspects of the industry response in the next few months. For more information visit our website http://www.newfinancial.org"> http://www.newfinancial.org ENDs
