Many of the alternatives now proposed were also considered in the past, and it was felt that they involved problems of their own. I am therefore sceptical whether these alternatives would be an improvement on the current rules. Economic theory suggests a number of desirable properties for fiscal rules. Fiscal rules should be simple, transparent, flexible and enforceable.
We also highly welcome further cross border supervisory cooperation to strengthen cyber-resilience of our firms and market infrastructures. Ladies and gentlemen, In closing, we firmly believe that the UAE is a reliable global partner to host a dynamic, outward-looking financial system. By that I mean financial system which is governed by robust rules, forward-looking supervision and a clear vision of the future.