The challenges posed by a globally integrated financial system and the ensuing need for higher international coordination are therefore well recognised. The establishment of colleges of supervisors for all major cross-border financial institutions is a clear instance of enhanced co-operation among international authorities. In order to ensure international harmonisation, the FSB is also developing a system of peer reviews among member countries.
But we need to constantly review our supervisory and legal framework in the light of changes taking place in the domestic economy and in the dynamic international financial system as well. We have a panoply of rules, guidelines and laws for the proper conduct of banking business in Mauritius.