Yandraduth Googoolye: Credit risk and market risk – the journey ahead Opening and closing remarks by Mr Yandraduth Googoolye, First Deputy Governor of the Bank of Mauritius, at the working session on “Credit risk and market risk – the journey ahead” at the Federation of Indian Chambers of Commerce and Industry and Indian Bank’s Association Conference on “Global Banking: Paradigm Shift” Theme: “Navigating successfully in an uncertain world” Mumbai, 7 November 2008.
*  *  *  Ladies and Gentlemen It is a pleasure for me to chair this afternoon session on Credit risk and Market risk, a subject whose importance is gaining momentum among policymakers these days. Economic theory tells us that Credit risk and Market risk are intrinsically related to each other and are not separable (Jarrow and Turnbull: 2008).