Emerging market countries of systemic relevance ought to prioritize structural reforms and greater exchange rate flexibility to strengthen domestic demand; further fiscal consolidation is necessary in advanced countries, based on growth-friendly measures; finally, all G20 members should implement product and labour market reforms to boost their potential output.
If we are not in the money-hiding business, what business is this sector pursuing? In a few cases our licensees have highly specific business strategies, but the more general approach is preserving private wealth, increasingly focused on Latin American clients.