News from the TMA Europe conference
As an IP, I am in a minority here today - so too as a Brit!
Finland has exactly the same zombie company experience as we do in the UK. The Czech Republic on the other hand has a banking community that is promoting restructuring hard (and Slovakia and Slovenia have yet to get there). A straw pole of some I've spoken to suggests world economic growth raising raw materials prices - and interest rates rising - so that more of western Europe will see restructuring in about 18 months time.
British politics has not yet woken up to the realities of the UK's financial position. So says Lord Glasman. The EU is trying to abolish Europe. Germany is a model to follow, with its regional banks, vocational economy and local self-governed, non-financial and de entralised institutions, with significant worker involvment in corporate governance. Mutual necessity of tradition and innovation. Centralisation, administration and commoditisation, including of capital, represented by the EU, is unhelpful.
Who holds restructurers to account? Transparency is a place to start. Professionalism and virtue must hold sway over financial incentive. Market-state duality needs to be broken. Europe is at its best when at its oldest. Virtue and value are critical.
Date: 7th June, 2013
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