We cannot expect a huge system like Basel 2 to be implemented without the normal teething problems. The difficulties of adaptation of the model to the practical situation prevailing on the ground in different environments are expected to spin off solutions. These solutions should not thwart financial sector development or introduce excess compliance costs out of keeping with the expected benefits.
I repeat therefore that it would be reasonable for Mauritius to join the mainstream of Basel 2 implementation provided that, as a positive spin off for adopting Basel 2 in an acceptable form, banking practices over here become more solidly entrenched and bankers find full expression in their primary job of risk taking through a hands-on approach to their activities rather than outsourcing judgment to third parties.