According to Prince Michael, the financial center of Liechtenstein is in a good position when it comes to sustainability. In general, he advocates for personal responsibility and autonomy in the implementation of the Sustainable Development Goals set by the United Nations.
The global desire for sustainable business “can be viewed as positive so long as it does not strive to achieve an unrealistic utopia,” as Prince Michael von und zu Liechtenstein said in an interview with Holger Franke in the Liechtensteiner Volksblatt newspaper. Here, the President of Liechtenstein Finance e.V. is making a case for societal systems based on personal responsibility and autonomy. Provided that “regional particularities are taken into account and decentralized personal responsibility and autonomy are preserved”, nothing stands in the way of generally binding standards and conditions being introduced to achieve the Sustainable Development Goals set by the United Nations.
Prince Michael considers the Liechtenstein financial center to be well-positioned with respect to sustainability: “Liechtenstein has the framework that is required for sustainable development and from which the financial center benefits.” As examples, Prince Michael outlines the economic and social stability of the country, the debt-free budget and the low level of bureaucracy. Furthermore, the Liechtenstein financial center thinks in terms of generations, it therefore “embodies sustainability”.
The Blockchain Act adopted two years ago proves the innovative capacity of the country, Prince Michael explains. “Liechtenstein is the first country in the world to introduce the legal construct of the token as a digital record of ownership and other rights, thereby created legal certainty.” The fiduciary expert identifies “excessive regulation” as a risk for implementing the Sustainable Development Goals. It endangers business “and competitiveness itself and therefore the basis on which sustainability can be implemented”.