The Isle of Man, in collaboration with the World Bank, the Small States Network for Economic Development and the University of Oxford, is launching a major initiative designed to aid small countries in responding to the global financial crisis more effectively, by developing the skills of those involved in small countries' financial services industries.
Senior officials of central banks, finance ministries and regulatory bodies are this week travelling from 30 small countries around the world to the Isle of Man to join the inaugural session of The Small Countries Financial Management Programme, an innovative annual two-week executive education programme designed and run by Oxford University’s Saïd Business School.
The global financial crisis has highlighted the vulnerability of small countries to external shocks and there has also been international concern that some small countries – especially those that have developed an offshore financial services sector – are points of vulnerability for the flows of illicit funds, the Manx authorities explained last week.
The Small Countries Financial Management Programme is designed to address these challenges by strengthening the skills of government officials to foster a well-governed and regulated financial sector, conducive to the effective use of public funds, private sector investment and equitable economic growth.
The government of the Isle of Man has played a key role in developing the programme, and has provided the initial major funding.
Isle of Man Treasury Minister, Allan Bell commented: “The Isle of Man government is proud to have taken the lead in making this programme possible. For almost a decade, the Isle of Man has been at the leading edge in developing forms of collaboration between small and large countries in the global economic community, and in supporting international standards of financial regulation and transparency.”
“As a centre of financial excellence, we are very pleased to have the opportunity to share our experience and resources in hosting this innovative education programme. Events in the financial markets over the past year have brought into stark relief the need for all countries to have well-run banking and financial sectors and to embrace sound regulation, so we believe this programme will be very timely.”
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