I will review these arguments in turn. BIS central bankers’ speeches  1  The perceived inevitability of globalisation First, asserting the irreversibility of globalisation in the midst of a systemic crisis such as the one we are currently experiencing may seem far-fetched.
Competition has been strong. Ladies and Gentlemen, because of the important service that commercial banks provide, it is vital that we ensure that they continue to operate soundly and safely. The soundness and safety responsibility is at the core of the Reserve Bank’s financial stability mandate.