A recent survey conducted by Norton Rose has indicated an overwhelming view that there is a permanent shift in economic power from West to East.
The firm surveyed 125 individuals in leading financial institutions between October and November 2009 and found that:
- 68% - expected a permanent shift in economic power from West to East
- 87% - felt China would emerge stronger from the global financial crisis
- 81% - saw signs that the economy is improving globally
- 66% - believed that a move to a global regulatory standard is necessary
- 61% - thought global regulation was unworkable
- 62% - agreed the GFC was caused by a failure to implement existing regulation
- 81% - stated risk management has been given greater prominence in the last year
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