Ethics and governance in the European Financial centers

Richard Murphy from tax Justice Nerwork has recently published and analysis about Jersey.
He observed thta Jersey’s new independent fiscal policy panel has reported for the first time that "the nalysis of future trends in tax and spending highlight that there is a real risk that States finances could deteriorate significantly in the medium-term and this should be at the forefront of States members’ minds when they debate the 2009 Business Plan."

And Richard to conclude that "Give them five years, then watch them go bust."

Fernand Grulms, head of Luxembourgforfinance, will be speaker at a conference on the subject "Quel avenir pour la place financière de Luxembourg ?" (What future for the financial center of Luxembourg?).

In the context of the international paradigm shift and considering the "System" in Luxembourg, I have the same conclusion as Richard : Give them five years, then watch them go bust.

Unless they do the required aggiornamento.

It is up to the leaders. But they will have to kill professionnally or politically dubious leaders, their friends in the framework of relationships and networks.