•  We will introduce by next year a new corporate structure for investment funds – the Singapore Variable Capital Company (S-VACC) • The S-VACC structure will allow asset managers to achieve greater synergies through co-locating their management and domiciliation activities. •  We have simplified regulations to facilitate the activities of VC and PE managers. • The increased availability of alternative investments like VC, PE, and infrastructure has helped to attract sovereign wealth funds and pension funds. •  We are strengthening the ecosystem for family offices. • The quality and capability of service providers of family offices – like lawyers, consultants and tax advisors – has deepened. By welcoming a broader range of institutional investors to set up base in Singapore, we aim to build a deeper and more diverse pool of capital for Asia. As global players invest in Asia, they will need solutions to manage their risks in the Asian time zone. As a global FX and derivatives centre, Singapore provides a wide range of risk management options for investors  http://www.imas.gov.sg/News-and-Publications/Speeches-and-Monetary-Policy-Statem... 21-07-18  Connecting Global Markets Supporting Asias Growth  •  Page 5 of 7  Singapore is the third largest FX centre globally after London and New York, and the largest in Asia. • Every day, over half a trillion US dollars of FX is traded here. • All top 5 global banks have their regional FX trading desks here. •  Singapore has the most diverse range of futures and options traded in its three exchanges.
On top of all this, in the middle of the recession, Spain’s public finances worsened markedly from a surplus of nearly 2% of GDP in 2007 to a deficit of more than 11% of GDP in 2009, and, in addition, the severe job destruction over the last five years has raised the unemployment rate to over 25% of the labour force. The labour market was also subject to certain illusions during those years. The enormous growth in the construction sector lay, without a doubt, behind the major immigration flows, and this strong population growth drove buoyant consumption and, by extension, the increase in activity and employment in all sectors, delaying the reforms that would have led to a more balanced adjustment between wages and employment. To overcome the crisis further reforms are needed at the national and European levels However, it should also be noted that the size of the imbalances that built up in the Spanish economy was not only a consequence of insufficient adaptation to the conditions and restrictions of euro area membership. They are also related to the deficient functioning of the disciplinary mechanisms with which the euro area is equipped and the fragilities inherent in its institutional design and its system of governance. Hence the Spanish crisis is closely related to the euro crisis, and overcoming it also depends on Europe’s ability to respond to the institutional problems of the Monetary Union.