GUERNSEY’S ability through the centuries to adapt in order to carve out its place in the world continued unabated yesterday.

Quite how close the island came to economic disaster will probably never be known. However, with France placing tax havens at the centre of discussion in probably the most important political gathering since the Second World War, it was clear that the island’s future was in the hands of the G20 leaders and their advisers.

When confirmation came yesterday evening that the island had escaped not only the black list, but the grey one as well, it was, as the chief minister said, a day to remember.

The long-term implications of the OECD decision are yet to be fully understood.

If a flood of new business comes the island’s way because of this it will be a substantial bonus at a time of great financial uncertainty.

However, for now it is enough to have dodged the bullet and be able to set about putting in place a series of major building projects secure in the knowledge that the island’s major wealth-providing industry is safe.

Much of the credit for that has to be laid at the door of the chief minister and his team.

Portrayed by some as the eternal optimist, Deputy Trott has shown good cause to be confident in his tactics.

A rapid round of tax agreements – three signed in the past few days with Ireland, France, Germany – brought the island’s total up to 13 and ensured our place at the top table of co-operative jurisdictions.

Indeed, looking at that list with the benefit of hindsight, it is easy to see more than just coincidence in the late addition of France (where the OECD is based) and Germany. Politics is about prudent timing as much as anything else.

The new era of financial transparency demanded by the leaders of France, Britain and the United States will no doubt present new challenges to this island as it battles to maintain a competitive edge over other financial centres during the financial storm.

But at least we can now take a step forward without always looking over our shoulder.