The annual International Arab Banking Summit (IABS) for 2014 kicked off in Paris-France on the 20th of June 2014 under the theme of “Transition in World Economy”. The Summit is the annual international platform for ministers, governors of central banks, leading bankers and decision-makers from various continents to meet and discuss issues of concern to the international banking community.
In his speech, Dr. Torbey considered that in our world deeply troubled by uncertainty, gigantic challenges should be taken up with a lot of vigilance and wisdom, and that the greed of financial markets and the absence of solid regulations have caused financial and banking crises that have shaken institutions long thought ‘’too big to fail’’. He added that speaking of economic transitions in the Arab countries, requires a deep reflection on the roots of the problems specifically, the galloping unemployment among a population whose vast majority is composed of young people less than 30 years old, the meek growth, poverty, socio-economic exclusion, educational systems, enormous public deficits and ultimately, the blatant lack of a common vision to shape more developed and more open societies.
