The challenge is therefore to balance regulation, competition and financial education to achieve the twin objectives of financial stability and consumer protection. Let me say a few words on financial regulation in the region. It is a fact that the evolution of the financial sector in the region has outpaced that of the regulatory system.
The gaps have been widest in the areas of insurance, credit unions and securities regulations but we are also lagging in respect of bank supervision which is our strongest forte. I know that many regional jurisdictions are currently in the process of upgrading financial legislation.