The Lerner Index of oligopoly was one fifth lower in banking in 2000-2001 than it had been on average in the 1980s; in the service sector as a whole it was a quarter higher; and in the industrial sector excluding construction it was unchanged at a lower level.44 On the average, as we can see from the tables and the figure, productivity in banking rose faster between 1990 and 2003 than it had in the 1980s, while the real cost of labour rose more slowly.
That so many high-calibre technical experts should fly down to Mauritius is in itself a testimony of the commitment the International Monetary Fund, through the presence of AFRITAC South, has towards member countries in promoting best practices in the business of regulation and supervision of banks. Under Basel II banks had too little capital and were highly leveraged.