I will address three of these initiatives the Committee is working to complete, which are: 1)  implementation of and further improvements to Basel II;  2)  enhancing global standards for liquidity risk management and supervision; and  3)  strengthening other risk management practices, particularly with respect to stress testing and valuations.
Crisis avoidance, more so in an increasingly digitalized financial world, requires far bolder initiatives to strengthen regulatory and supervisory frameworks not only in Mauritius but in every other country in the African continent. We are told that in the years ahead we will continue to be provided with banking and financial services but banks, as we know them today, will no longer exist.