It requires sound conduct and culture by all financial institution participants, self-discipline to ‘do the right thing’ or face consequences, and transparency so that good behaviours are evident and rewarded, and bad practices driven out. Institutions can and will fail for a host of reasons.
The tasks before the two former Governors and particularly the Bank was to develop and pursue appropriate fiscal and monetary policies, adopt best practices in supervision of an infant financial system and introduce our own national currency. Such were the challenges.