A region which is relatively underdeveloped would, if not hindered by bad economic policies, be expected to grow at a rate above the currency area average and thus, over time, reach an income per capita level similar to the currency area as a whole. This process is highly welcome.
In this regard, foremost is the need to develop a suitable cadre of professional directors who are knowledgeable of banks’ affairs as well as independent of their management and majority shareholders. Allied to this is the need to clarify and strengthen directors’ fiduciary duties to act in the interests of the bank and all of its stakeholders.