Recent political events might suggest that Francis Fukuyama got it right in his 1992 book The End of History and the Last Man. The political economist wrote: "The progression of human history as a struggle between ideologies is largely at an end, with the world settling on... [the] eventual global triumph of political and economic liberalism." Critics of his position have been numerous, but one thing has brought supporters and detractors together: a perception that the volatility of events has increased. Plus ça change, some might say – the world of treasury management has learnt to live with volatility. Now, I am not suggesting that political change on the scale of the Cuban Revolution or the dismantling of the Berlin Wall falls into our bailiwick, but I would argue that the degree of financial and political volatility over the past three or four years has made the period one of the most diverse in terms of breadth of risk exposure and opportunity. There are, however, some important – and new – distinctions. The impact of regulatory issues (whether OTC derivatives or changes in ratings regulation), developments in accounting standards (whether warranted or not) and technology (in trading, information exchange and risk management), and even changing weather patterns have all contributed to making analysis, decision-taking and treasury risk management so much more complex and challenging. What can treasurers do for their organisations in these circumstances? Well, treasurers need to be up to date, widely informed, have access to a full range of opinion and, most of all, able to understand the world as it is as rather than as they might hope it were. Clearly this defines the value of education, training and, even more importantly, the sharing of experiences. The ACT’s job is to make sure that everyone in the treasury profession – whether practitioner, service provider or adviser – has the tools for the job and the resources to see one step ahead. The ACT always welcomes contributions from all across the treasury profession that add to our library of knowledge. Recent ACT events held in Hong Kong, London and Dubai, and the Treasurer’s Deals of the Year Awards Dinner, have all reinforced the rich value in the ACT network. This year’s ACT Annual Conference in Liverpool, www.treasurers.org/annualconference, will be no different – there is simply nothing else that comes close. PETER MATZA HEAD OF PUBLISHING
