Financing the global economy: Opening remarks
A speech by Greg Medcraft, Chairman, Australian Securities and Investments Commission at the Salzburg Global Forum on Finance in a Changing World (Salzburg, Austria) 27 June 2016
I would like to welcome each of you to this historic and truly wonderful venue and look forward to what I am sure will be a stimulating three days.
I want, in particular, to thank Tatsiana and Stephen for pulling together a great agenda.
I am confident that the agenda – and each of the sessions particularly today and tomorrow – will challenge us to think constructively and creatively about one of the key issues we face globally – financing economic growth.
I thought I might use these introductory comments as an opportunity to share some of my thinking – thinking which will guide my contribution over the next few days.
You will not be surprised to hear my main focus will be on the steps that should be taken to ensure market-based finance – that is, finance through our capital markets – develops into a sustainable source of finance for the real economy.
I want, in particular, to touch on three particular topics:
- the growing importance of market-based finance
- what has contributed to the recent emergence of market-based finance, and
- what we need to do to ensure capital markets become a sustainable source of finance.