At the time of preparing this edition, the euro crisis seems to be entering its end game, with Greece and Italy changing their political leaderships. It remains to be seen whether the bond markets and the leading euro zone economies feel this is enough or whether 2012 will bring more dislocation. For treasurers and their organisations, the impact is less obvious but no less important.
The financial markets in general and the bank markets in particular need stability and confidence and the return of liquidity in the interbank market because that will feed lending. That lending may come at a price but the gears of the EU economies need their “oil” as much as any engine does.
The ACT, working with the EACT, is playing an increasing role in the UK and at EU level in ensuring regulators and governments are aware of the impacts of treasury activities.
Raising the voice of treasury across a whole range of financial issues allows us to highlight how important stable and functioning financial markets are to business health and growth. Politics being what it is means a consistent approach from treasury and finance professionals is vital to temper the law of unintended consequences.
Our Deals of the Year Awards process has garnered its usual heavy crop of nominations, with deals in sizes from a few tens of millions right up to the billions. The most significant change this year is that we have had nominations from 10 or more institutions new to the process, from across the EU and even further afield. Thanks are clearly due to all those treasurers who have nudged their banks and advisers. The February issue of The Treasurer will reveal all.
We will also have successfully concluded our Awards in the Middle East by the time you read this, so to see the success of treasury management and the ACT in the Middle East, please visit www.treasurers.org/actmiddleeast/publications.
The ACT is looking into 2012 and beyond with some bold and innovative plans across our structure, our relationships with our sponsors and supporters, and our communications with members, students and others looking to enjoy the ACT experience. The Treasurer will be playing its part and I look forward to sharing our plans as the year develops. As a taster, we are now distributing 10,000 copies of The Treasurer across the UK, the EU and globally – so my best wishes go to all our readers, new and old, for a Merry Christmas and a prosperous 2012.
PETER MATZA
HEAD OF PUBLISHING
