[a] Indeed, in the first days of the turmoil, interest rates rose significantly because they were driven mainly by precautionary motives. Counterparties were not only reluctant to lend on unsecured terms, but they also feared being confronted with unexpected liquidity needs and, as a consequence, preferred having liquidity buffers.
The current innovation revolution offers an opportunity for Curaçao to again take the pioneering lead in shaping the future of regional and global financial services provision. I cannot stress enough the importance of our need to become adaptable and agile to keep our markets efficient, fair, and attractive in an ever-evolving and innovative environment.