We have been proactive in this field with the imposition of a 10% capital adequacy ratio on our financial institutions, instead of the Basel II standard of 8%. On the regional front within COMESA, we scored another success with the Regional Payment and Settlement System which will be run by the Bank of Mauritius and will be aggressively promoted by all participating central banks.
The COMESA Monetary Institute, which will be hosted by the Central Bank of Kenya, will become operational by January 2011. Now that is all pretty good news in anyone’s book. Hey didn’t we do well; we have survived. But where, as economic operators, is our vision beyond that? What legacy are we leaving for our children?