In terms of macroeconomic policies, there is a policy trade-off between the extent of exchange rate adjustment and the inflation rate. The way forward for a small open economy like Mauritius is for it to aim to become more competitive through the achievement of real productivity gains. Long-term competitiveness depends not on exchange rate changes but on productivity growth.
What measures do we already have in order to start implementing such policy? Today we will hear about prudential policy experiences in different countries. And I’m excited to open the floor to needed and well-targeted discussions. 2/3  BIS central bankers' speeches  I wish you an interesting day and fruitful exchange of views.