Pierre Gramegna, Luxembourg’s minister of finance was in Australia this week as part of a mission to promote the financial sector and in particular the investment fund industry, as well as strengthening ties between our two countries.
In Melbourne, the Minister met with his Australian counterpart, Mathias Cormann, as well as Greg Medcraft, chairman of the Australian Securities and Investment Commission (ASIC). With the latter, he welcomed the Australian regulator's intention to conclude a bilateral agreement with its Luxembourg counterpart to promote their cooperation in this field.
Pierre Gramegna was also keynote speaker at seminars organised by the Association of the Luxembourg Fund Industry (ALFI) in Sydney and Melbourne, which attended by more than 300 professionals from the local and Luxembourg financial sectors.
At these Minister Gramegna insisted on the role of the Luxembourg financial centre as a financial platform at the heart of the European Union and explained his views on current economic and political developments in Europe and at the global level. He also reviewed the Luxembourg initiatives in the field of FinTech and encouraged enhanced cooperation between the Luxembourg and Australian actors.
On the subject of growing skepticism about globalisation, which is also being felt in Australia, Minister Gramegna said that increased nationalism is not the answer.
"There is now a certain fatigue in the face of a globalisation whose benefits are increasingly questioned. However, protectionism is not a viable solution. The positive effects of open markets are undeniable. From now on, politics must assume its responsibility to ensure that the gains that our economies derive from free trade reach all social strata."
Image: Minister Pierre Gramegna with Greg Medcraft. © MFIN
