The Spanish capital’s financial landscape has been transformed in the last five years with consolidation in the banking sector and asset managers using the city as a springboard to Latin America

With half of all Italian private wealth managed by retail banks there is huge potential for private banks to expand domestically

Increased regulatory costs have seen asset managers moving fund management operations to Malta, although global custodians tend to look elsewhere

Cyprus is changing and learning from past mistakes. The banking sector has halved in size while there are great hopes for the shipping and funds industries

Jersey is becoming something of a centre for alternative investments while there are also signs of private banks returning to the island

Clients from Russia and the Middle East head to Guernsey to protect their wealth, while the island is also becoming a hub for illiquid invesments

Financial services remain a key pillar of the island’s economy but the government is determined not to put all its eggs in one basket

Have markets lost faith in central banks? Have their policies failed? What happens next? Mark Haefele, global chief Investment officer at UBS Wealth Management, Didier Saint-Georges, MD and member of the Investment Committee at Carmignac and Paul Lambert, head of currency, Insight Investment give their views on how investors should be reacting