The Caribbean is also home to nine small island states considered to be among the world’s heavily indebted countries, with a rising probability of debt default. Grenada is currently negotiating a restructuring of its sovereign debt, which, when completed, will bring to ten (10) the number of sovereign debt restructuring episodes in the Caribbean within the past decade.
We, therefore, cannot afford a tick-box, compliance mentality. As supervisors, we must not underestimate these gathering risks. We must expand cross-border cooperation through exchange of information and policy collaboration. Remember … the Caribbean’s financial ecosystem is at stake. As I close, let me encourage you to use this opportunity for discussion, but not just as a talk shop.