* * * Fellow Governors, Members of the Diplomatic Corp, Distinguished Delegates, Ladies and Gentlemen,  Introduction I am pleased to be given the privilege to brief Governors about on-going efforts to move towards a monetary union (establishment of a single Central Bank and introduction of single currency) in the West African sub-region.
It is a challenge for the financial industry to capital account; the domestic financial market will be further opened; financial legislation will be strengthened to build a market environment for fair competition; a financial macro management system and a regulatory system will be improved in line with the degree of financial opening-up, to safeguard financial security, and improve the overall quality as well as the competitiveness of the financial sector.