TODAY’S eagerly awaited grand opening of the second phase of Liverpool One comes at a difficult moment in some ways, with the financial world in a state of confusion and chaos over the ongoing credit crunch crisis.

Most economic forecasters are predicting that things are likely to get worse before they get better, and that the economic downturn is likely to continue for much longer than had originally been anticipated.

This week’s extraordinary events in Washington have taken the financial markets even deeper into uncharted waters, and millions of people across the world are worrying about their pens- ions, their savings, and their job prospects.

You could argue that it is Liverpool’s bad luck that these events should happen just as we are welcoming the launch of the most spectacular and ambitious development project the city centre has seen in living memory.

But there is another way of looking at it. If this financial crisis had come along a few years ago, it could well have led to the postponement or even cancellation of projects like Liverpool One, the Echo Arena and BT Convention Centre, and the cruise terminal.

Instead, they are here to stay, representing a massive commitment to Liverpool’s future that will be here when our splendid European Capital of Culture year is just a fond memory.

As we report today, the initial signs are that Liverpool One has been buck- ing the trend of the hard times, with re- tail businesses investing here and reap- ing the benefits, with customer turn- over and profits exceeding expectations.

Long may this phenomenon continue, and with our first Christmas in the new-look city centre to look forward to, the prospects for the next few months at least look promising.

And, even if the grim world economic climate does take its toll at some stage, the entrepreneurs who have shown such confidence in our future have left Liverpool in a much healthier position to ride out the storm and emerge stronger and better.