The financial crisis has demonstrated just how dangerous it can be if regulation of the financial markets is insufficient and loses sight of the principle of liability. Thanks to fundamental reforms, the global financial system is now more robust.
Regional coverage In our own Pacific region, we have come to also recognise the importance of embracing financial inclusion. In 2005, the United Nations Development Programme estimated that around 6.5 million Pacific Islanders and 80 percent of low income people1 did not have access to formal financial services, making it one of the most neglected regions in the world in terms of banking services.