For these small loans, the spread between vulnerable and more resilient countries has now narrowed to a record low of 5 basis points. This more even credit pricing across countries and firms has, in turn, been crucial to the broadening of the economic and employment recovery, not least because SMEs represent 60% of euro area value added and employ 70% of the labour force.
The Bank of Mauritius has signed Memoranda of Understanding with 17 foreign regulatory authorities, which include banking sector regulators of Kenya, South Africa, Nigeria, to name a few. Consolidated supervision is now part of our supervisory toolkit and is conducted on a regular basis.