News - 08.12.2023

Replay: Focus on 2024

  • The Financial Centre

At a time when the world has been living through a polycrisis since the start of the decade, Luxembourg for Finance dedicated its final event of the year, ‚Focus on 2024‘, to shedding light on what lies ahead next year – provided that, this time, unforeseen events don’t fundamentally alter the course of history.

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Karen Ward, Chief Market Strategist EMEA at J.P. Morgan Asset Management, urges caution for 2024. „We need to be cautious about the idea that interest rates will have no effect in the future. In fact, there is a risk that we will see the effects with a time lag.“ In her opinion, it’s only now that consumers and businesses will feel the effects of rising prices, leading to reduced spending. „I certainly don’t think we’ve been to the worst, sadly.”

Pierre Gramegna, Managing Director of the European Stability Mechanism, who spent eight years as Luxembourg’s Finance Minister, focused on the actions needed to make the Eurozone more resilient in the run-up to the European elections in June 2024. His comments were tinged with optimism: „The EU has always proved its ability to make qualitative leaps when faced with crises.

However, since the crisis of 2008, the European financial sector has remained in a state of anticipation regarding New Directives and Regulations expected from the EU. In this context, 2024 stands out as a significant year as we await the formation of a new Commission in the autumn. For Izabella Kaminska, Senior Finance Editor for Politico Europe, forecasts that „the first part of the year will be devoted to putting together the final pieces of the regulatory puzzle. In particular, it will be necessary to decide where the European anti-money laundering agency will be located“.

Watch the replay here.