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GREXIT, Openness, Transparency and Honesty in Systems (GOTHS): Public Affairs Reflections on Changing Economies and SocietiesEditorial Financial capacity and political perspicacity are inversely correlated. Long-run salvation by men of business has never been highly regarded if it means disturbance of orderly life and convenience in the present. So inaction will be advocated in the present even though it means deep trouble in the future. Here, at least equally with Communism, lies the threat to Capitalism. It is what causes men who know that things are going quite wrong to say that things are fundamentally sound.’ Galbraith (2009), The Great Crash of 1929. Page 194 The rumbles of the fallout from the 2008 financial crisis are still with us as the EU has put together another bailout proposal for Greece as a member of the Euro Zone. One wonders whether monitoring and support for quality fiscal management of economies within the Euro Zone have been as robust and rigorous as it should have been. Clearly something for the banks, finance ministers, businesses and economists to reflect on as the Greek Banking system is propped up by Central European economies. Good basic banking is paramount; one can only borrow what one can payback at a realistic rate or one starts moving into areas of usury level re-payments and financial distrust and disharmony in society. To tread carefully, stimulate business, civic society, creativity and be supportive of well managed economies seems to be the general rule that works. Finance and international banking is increasingly attracting major public affairs activity, partly a result of the failures in the system which led to the financial crash in 2008. Bankers were not the only people to blame for the crash but also central bankers and other international financial regulators who bear the responsibility too, who mishandled the crisis and failed to keep economic imbalances in check and for not exercising proper oversight of institutions. The development of the Asian Infrastructure Investment Bank and gradual roll out of the RMB as a world trading currency may lead to greater transparency and balance on theworld financial scene and help stimulate better global regulation of markets and currencies. The signs are good that this will happen. Clearly reform of financial institutions to cope with the rapid speed of financial trading, markets and shifting trends in world trade and investment is needed, underpinned by greater transparency and regulation. The issue contains arange of articles.
To Exit or Not To Exit: That is the Question: To Build or Retreat: That is another QuestionEditorial. It has been a very interesting and tragic period for Europe over the last month. The UK voted to leave the EU in its Referendum, Its Prime Minister resigned and Teresa May has taken over as the Second female Conservative Prime Minister and formed a new government. The UK Economy took an initial battering in world markets but seems to have settled down now as global players perceive there are advantages and disadvantages for the UK in being in the EU, but the main thing is stability in global markets. It will also speed-up reform of the EU and its institutions, so this may be advantageous. We have also seen a sharp increase in horrific terror atrocities in Europe, notably France, Belgium and Germany which has pointed to the need for more effective management of our freedoms and security of our citizens. It has been a difficult Summer for Europe. We hope and pray that stability and safety will return as without that society will not be based on a balanced platform to provide for all We are also seeing the emergence of the two contenders for the US Presidency, Donald Trump versus Hilary Clinton. The non-establishment business candidate versus the female long serving politician and social reformer. Cleveland and Philadelphia have all given us insights into what is coming. In addition we will soon have elections in Germany and France, which could see major change, whilst growth in South East Asia continues steadily which can be seen in the positive meeting in Ulan Bator at the 11th ASEM Summit. World regulation and development now seems to be very much to the fore as we build and develop a truly global international economy accountable governmental and financial system, accountability, good governance and transparency will be the core underpinnings of that development This is a general issue of the Journal of Public Affairs