Abstract

The financial sector likes to call itself a "service industry". As such, its role is to guarantee the fluidity of transactions which are essential to economic activity by ensuring the best possible use of available capital. If finance is a service activity, it is important to specify what services it renders, to whom, in return for what, and for what purpose. In the absence of such clarification, finance may slide out of control and be left at the mercy of mass enthusiasm or hysteria. This document, which is the result of work by people who hold senior positions in Geneva's financial sector or are external observers of the financial world identifies the issues and suggests some avenues for possible solutions.