Only thus can we mount a global response to this new challenging financial risk. We are focusing on how we can mitigate the financial risks stemming from climate change, particularly in the monitoring of financial stability and in banking supervision.
Given the intricacies of adopting a capital standard in Mauritius, a consultative and participative approach has been adopted with banks. The Committee for the Implementation of Basel II was therefore established to act as a steering committee for implementing the new capital adequacy framework. This is rightly an occasion for me to reiterate some reflections I always share with fellow students.