#7 JULY/ AUGUST/ SEPTEMBER 2012 € 5,99
DUTCH POLITICS FOR DUMMIES A GUIDE TO HELP YOU ENJOY ELECTIONS ON SEPT. 12
THERE’S NO FUTURE WITHOUT EUROPE SAYS CHAIR OF HOLLAND FINANCIAL CENTRE SJOERD VAN KEULEN
INVESTING ANNO 2012 CRISIS OR NO CRISIS,
THERE’S MONEY TO BE MADE IN THE NETHERLANDS WE TRUST – FLOURISHING DUTCH ‘TRUST FIRMS’
THE BENEFITS OF CREDIT MANAGEMENT
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‘WE’LL OUTDO THE TATE IN LONDON’ THE STEDELIJK MUSEUM REOPENS
WE SHOW YOU HOW
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Contents 10 the INTERNATIONAL CORRESPONDENT
SOFTWARE, HARD MARKET The Netherlands takes pride in being the ‘Digital Gateway to Europe’. Over the last decade, the Dutch have invested heavily in digital infrastructure, which largely beneﬁts the ICT and software industries. As the rest of the economy treads water in uncertainty, Dutch software is proving to be quite a resilient market.
REVOLUTION IN INVESTING The economic crisis has launched a shakedown in the investment world. Together with the maturing of internet technology, the volatility of the economy is causing a re-think of how things are done, what is to be done, and who does it. Banks have lost their authority, some say, and the action is now in DIY (do it yourself) investing.
‘I THINK WE’LL EVEN OUTDO THE TATE IN LONDON’ After eight years of stalling and building, the renewed Stedelijk Museum will open its doors in September. A futuristic extension turns the once dull Museum Square into something like the Centre Pompidou. Jeroen Jansen spoke with the museum’s business director Patrick van Mil and architect Mels Crouwel.
ART: MOVING WITH THE TIMES -Change doesn’t scare David Smith. His father’s gallery in Amsterdam is known for classic and antique works from artists like Chagall and Monet. But now it houses the largest collection of aboriginal art outside of Australia.
88 ‘YOU MUST CONTINUE WHERE OTHERS WOULD QUIT…’ -says Olcay Gülsen, owner of the fashion brand Supertrash, now sold in nearly 24 countries all over the world. She tells Karine Bloem how she built her empire from scratch.
23 WHAT WE CAN LEARN FROM SOUTH KOREA’S APPROACH TO MANAGING A FINANCIAL CRISIS? -South Korea, known as the Miracle of the Han River, is an outstanding success story of geopolitical competence, human resource management and unmatched economic growth. Expert Sanjay Sharma analyses the secrets of this country’s success in his column The Big Issue.
19 IS EUROPE ON THE BRINK OF BECOMING A POLITICAL SUPER-STATE? -In Silly Questions, the International Correspondent posed this issue to Nico Groenendijk, Associate Professor in Public Finance and European Integration at the University of Twente.
68 TOP 10: GOLDEN SPEAKERS -An Olympic medal brings more than eternal fame. It brings hard cash as well, not only through advertising revenues, but also in the booming industry of inspirational speeches. The International Correspondent introduces the ten most popular Dutch motivators with a golden past on the pitch.
IN THE NETHERLANDS WE TRUST Chances are you’ve never heard of Citco, TMF and Intertrust, but these companies service over half the world’s hundred largest multinationals. They are ‘trust ﬁrms’ and part of a ﬂourishing Dutch industry that caters to multinationals that want to beneﬁt from Holland’s favorable tax climate. As Martin van Geest explains.
CHEF’S TABLE: VEGETABLES WITH A STORY Niven Kunz is no nice guy when he’s in his kitchen. But Michelin stars are not awarded for niceness and Niven is the youngest Dutch chef to have been ‘starred’. Read Linda Lodding’s encounter with the chef who loves veggies.
November 6, 2012
The Race for the White House Follow the exclusive coverage of our correspondent in the US at www.theinternationalcorrespondent.com/us-elections
Contents the INTERNATIONAL CORRESPONDENT 11
van Keulen, Chair of the Holland Financial Centre
Photography: Pascal Bier
Photography: Novum/ Dirk Hol
Photography: Pascal Bier
Photography: Novum/ Dirk Hol
INTRODUCING: SYBRAND VAN HAERSMA BUMA, NEW LEADER OF THE CHRISTIAN DEMOCRAT PARTY
‘I THINK THE EUROPEAN POLITICAL UNION WILL ACQUIRE SHAPE QUITE SOON NOW.’
DUTCH POLITICS 101: A SKETCH OF THE POLITICAL LANDSCAPE TO HELP YOU ENJOY THE IMMINENT ELECTIONS
TThe CDA used to be central to power in The Netherlands. But it’s been decimated in recent elections. Can Buma raise it from the nearly-dead?
Sjoerd van Keulen is Chair of the Holland Financial Centre, a meeting place for the ﬁnancial sector. He argues that the politicians in The Hague are far too cautious in their plans for reforming the ﬁnancial sector. Their election programmes are devoid of innovative ideas. And bankers should quit thinking only of themselves.
Ten years ago Dutch politics was known for being boring. ‘The Netherlands is governed on the basis of compromises,’ wrote the New York Times in 2000. ‘The main participants in Dutch politics are grey civil servants who cycle to work every day with their lunch box in a basket on the handlebar.’ How things have changed! Today, Dutch politics are a roller-coaster ride with populists –left and right-wing- occupying the carriages.
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Photography: Thijs Wolzak, Lonneke Stulen
Colophon the INTERNATIONAL CORRESPONDENT 13
THE INTERNATIONAL CORRESPONDENT Dutch Business in Global Perspective www.theinternationalcorrespondent.com
TEST CASE Photography: Pascal Bier
The upcoming elections will be fought over Europe. To be more precise: it will be fought over the level of inﬂuence ‘Brussels’ has in the political circles of The Hague, the level of The Netherlands’ contribution to solving Europe’s enormous economic problems, and the budgetary rules for member states agreed years ago, partly under pressure from The Netherlands. If it’s left up to Emile Roemer of the extreme-left Socialist Party (SP), we’ll abandon the ‘three percent rule’ regarding budget deﬁcits. According to this popular politician, currently number one in the polls, the political inﬂuence of Europe must be pushed back. Geert Wilders (PVV) even argues that The Netherlands should exit the euro zone. ‘We can’t continue being responsible for political choices in southern countries like Greece and Italy,’ he says. Since crashing the last cabinet, the platinum-blonde politician has launched research into a possible return to our former national currency, the guilder. A pointless exercise, but it illustrates the sentiment in the Dutch political arena. The political establishment is in difﬁculty. The centre parties have traditionally been in favor of Europe, but it’s tough to sell Brussels’ growing inﬂuence to a restive electorate. The social liberals (D66) call for research into a central approach to the monetary and economic problems. Party leader Alexander Pechtold stresses that the crisis is too big to be handled from a national perspective. The liberal VVD of our demissionaire premier Mark Rutte, traditionally very pro-Europe, is critical about some current proposals but supports European economic policy. Ditto both the Christian democrats (CDA) and social democrats (PvdA). This half-hearted attitude by the political establishment isn’t helpful. Voters don’t like dithering. HOLLANDE Apart from being sharply divided, politics in The Netherlands has splintered in the past ten years. More than 20 parties are contesting the upcoming elections. More than seven of them will get over 15 seats in parliament, according to the polls. That makes it difﬁcult to achieve co-
operation after the elections. It remains to be seen whether the parties can come to an agreement about dealing with the crisis. A ‘Belgian situation’ looms: in 2011 our southern neighbors took over a year to create a new government. The Dutch elections are also a testcase on Europe. Will the anti-Europe noises in the member states continue, or will Brussels get the necessary support to take measures to cope with the economic problems? The signs aren’t encouraging. Greece needed two sets of elections this year to force Europhile politics on an unwilling population. In June, the French electorate dismissed Europhile Nicolas Sarkozy in favor of the more critical Francois Hollande. He’s in favor of a more ﬂexible approach to European budget regulations. Early next year, the Italians also go to the polls. In October, Angela Merkel will face the voting public. Will the current European governing elite remain in power? INVESTMENTS Despite the high stakes in these elections, the debate in The Hague is lukewarm. Most parties agree on the need for budget cuts, but differ on the extent of the cuts. Their plans are uncreative. Most are just proposing more pointed measures from their usual policy grab-bags. And that is a missed chance. The crisis offers a great opportunity to review current policy and present a broad programme for shaping the future, to force new plans and take innovative measures on long-standing problems in areas like health, ageing, the employment market, the housing market and the economy. In this issue of The International Correspondent, apart from a lot of insight into the politics, we also focus attention on the investment possibilities in The Netherlands. We offer an oversight on the state of the investment world in 2012. And we introduce a few investment advisers who put forward their ideas. Despite the economic climate, they see enough opportunities to keep investing. It projects a series of inspiring portraits of visionary people. The ladies and gentlemen of The Hague could get inspiration here. Do enjoy our pages, Floris Muller Publisher
EDITION #7 July/August/September 2012 PUBLISHER & EDITOR Floris Müller ﬂoris.firstname.lastname@example.org ADJUNCT EDITOR Niala Maharaj email@example.com CONTRIBUTORS Carsten, Cramer, Fenna Ferwerda, Philip Gangan, Martin van Geest, Jeroen Jansen, Joost van Kleef, David Lemereis, Linda Lodding, Mark Maathuis, Niala Maharaj, Floris Müller, Paul Rodenburg,Sanjay Sharma, Christiaan van der Sluijs DESIGN AND ART DIRECTION Pascal Bier PHOTOGRAPHY Maarten Bezem,Novum, Donald van Opzeeland, Reuters, Pascal Bier SPECIAL THANKS TO Wendy van Bavel, Alvie Bhailal, Arno Bier de Jong, Marjolein Hof, Bob Huuskes, Yorick Letterie, Fred Louwerens, Marc Neuman, Bart Roling, Carlos Smit, Cees Smit, Marjolein Tegelaar, Martijn van Veelen, Cees Vermaas, Rene Verwey, Rutger Vos, Mannes Westhuis, Sabine Woelfel WEB DEVELOPMENT Pascal Bier SALES & MARKETING Teye Brandsma firstname.lastname@example.org ACCOUNTANCY Jeroen van Evert, Ramon Groen MAIN PRINTING Westdeutsche Verlags- und Druckerei GmbH DISTRIBUTION COORDINATOR Reinout van der Meer DISTRIBUTION Van Gelderen/ Van Gelderen Inﬂight The International Correspondent is the business magazine for the international community in The Netherlands. It offers quality reports on ﬁnance and economics as well as expositions of Dutch politics, education, innovation and lifestyle. It also provides independent advice on living in, working in, and enjoying The Netherlands. The International Correspondent appears every two months and is published in collaboration with partners in business, government and the education sector. It is also distributed by AKO and Bruna bookshops and magazine stores in the Randstad and surrounding cities. The International Correspondent is not dependent on the government and receives no funding or other assistance from ofﬁcial sources. The editors try to ensure the correctness of all information in this magazine. However, mistakes and omissions are, regrettably, possible. No rights may therefore be derived from the material published. We are perfectly willing to publish corrections in the following issue, if they are brought to our attention. For questions or information, please contact the publisher. All rights reserved. Nothing in this edition may be multiplied, stored in an automated database, or made public, in any form or by any means, whether electronic, mechanical, by photocopying, recording or otherwise, without prior written permission of the publisher. The International Correspondent is published by Correspondent Media
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Errata In our last issue we erroneously attributed the interview with Chef Alain Alders and the article entitiled Places to Go to Marco de Vries. The writer was in fact Linda Lodding. In the article ‘Europe in 10 days’, the total journey travelled was 8,950 km, not 90,000 as published. In our Advice section, the article on Capital Language contained a spelling error. Preparation was spelt ‘preperation’. We regret these mistakes. If you notice errors in this edition of the magazine, or you wish to comment on anything we publish, please mail us at email@example.com
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