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Deloitte experts weigh in on top issues affecting global business agenda


Greek debt crisis, regulation, and the ‘Green Business’ initiative

New York - As the global economy begins a slow, but shaky recovery, the business landscape continues to be affected by numerous political, economic and social events. In the second installment of Deloitte Touche Tohmatsu’s (DTT) 20/20 Global Shift series, global leaders from DTT and its member firms examine three events shaping the current global business agenda-- the Greek debt crisis and its affect on the Eurozone, globalization of regulation, and the ‘green business’ initiative.

Highlights include:

Future of the Eurozone

* While the euro is not without its problems, the single currency has delivered a number of benefits to the participating countries, such as the increased prominence in global markets, as exemplified by the euro’s strong reserve currency position.
* The response to the current debt crisis will likely involve the strengthening of the political cooperation within the Eurozone, as well as consolidation and austerity measures in countries that have run economic policies which have proved unsustainable.
* Preserving and strengthening the monetary union is in everybody’s interest and Eurozone governments should work toward establishing an optimal currency area.

Globalization of Regulation [live 28 April]

* Current regulatory frameworks failed to protect investors and communities from a financial meltdown. With moves toward reforming the financial market regulation at the national level gaining speed, the need for a common global approach to regulation is more important than ever.
* Inward-looking regulatory frameworks bring about risks, such as regulatory arbitrage and increased business costs with limited commensurate benefits.
* Adopting a global regulatory framework has proven difficult, given the different national legal frameworks on either side of the Atlantic and within the European Union.
* Given the pending regulatory changes, it is more critical than before for businesses to stay informed and build positive and productive relationships with policy makers—not with the self-interested goal of seeking short-term benefits, but with an eye toward creating a sustainable solution that will serve the interests of the society and business over the long term.

Business and the ‘green growth’ initiative [live 29 April]

* Climate change & sustainability will be a key driver of future economic development, and will have lasting impact on how companies view profitability and see opportunity.
* Some CEOs are now viewing the green initiative not only as a means of reducing costs, but also as an opportunity to offer new products and services.
* Businesses are at three stages of implementing sustainability initiatives: compliance, cost-savings, profiting from green.
* China’s commitment to domestic “green growth” approach impacts other economies.
The 20/20 Global Shift podcast series is part of Deloitte Global Insights and is updated every quarter. It identifies top-of-mind business issues that are being impacted by significant non-cyclical shifts in the global environment.

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