Rundheersing Bheenick: Main developments in 2011 and Mauritius’s economic outlook for 2012 Letter by Mr Rundheersing Bheenick, Governor of the Bank of Mauritius, to stakeholders, Bank of Mauritius, Port Louis, 14 February 2012. The original speech, which contains various links to the documents mentioned, can be found on the Bank of Mauritius’ website (http://bom.intnet.mu).
*  *  *  With the crisis in its fifth year since “sub-prime” became part of the international jargon, one could have been excused for thinking along the lines of Murphy that everything that could conceivably have gone wrong had already gone wrong and that 2011 was, at worst, going to be more of the same as we’d seen it all before or, quite possibly, turn out to be somewhat better since all manner of weaponry had already been deployed to take on the hydra-headed beast as it successively morphed from a US sub-prime crisis to a US banking crisis to a full-blown global financial crisis before emerging in its latest and most pernicious and destructive avatar as the worst global economic crisis in eight decades and, surely, this impressive arsenal – much of it never tried before on this scale – would at last begin to get the better of the beast.