At stake is a chance to transform HR practices and create a workforce that can provide individual banks with a strategic edge in an environment that is likely to become increasingly competitive in the days ahead.
Our best course of action, indeed perhaps our only sensible course of action, is to continue doing the things which will make us a prosperous economy - continue to run fiscal surpluses, continue to keep inflation low, continue to improve the flexibility of the economy, continue to remove regulatory barriers to resource mobility, continue to improve incentive structures so that investment goes into those areas with the highest social and economic return, continue to ensure that governance structures in the banking and corporate sectors encourage prudent behaviour, continue to improve the education system, continue to welcome foreign investment, and do everything possible to encourage a culture which values initiative, innovation, hard work, saving and all the rest.