These have included the change of competition law and the regulatory framework, the reform of the judicial system, and the reform of regulated professions and of the housing market. Finally, programme targets for privatisation were achieved ahead of time. Structural reforms need a long-term commitment As I said at the start of my remarks, an improvement of the underlying prospects for these economies has moved expectations. Perceptions about the sustainability of the recovery path in Portugal, in particular, have been reflected in persistent improvements in confidence and associated reductions in risk premia. Over time the economic and social pay-offs of reforms will be high, in terms of higher wealth and employment. High and sustainable GDP growth will in turn bring about improvements in fiscal positions and sizeable reductions in debt-to-GDP ratios in the medium to long-run, contributing therefore to long-term debt sustainability. However, to reap these benefits implies a long-term commitment. The reform process is a continuum. A reform that has just been legislated does nothing for the citizens of a country, if it is not followed-up with effective implementation. Making sure that reforms transfer from the statute book to the real economy requires painstaking monitoring, as well as a prompt reaction in case outcomes deviate from expectations. When countries exit adjustment programmes, such an orientation will help prove to markets that reforms have been undertaken not only due to external pressure, but also out of a genuine recognition of their benefits.
Deepening and broadening our talent pool will be a continuing challenge for the financial sector and for MAS. MAS and industry players have taken steps together to address this. The Institute of Banking and Finance had been re-organised to better meet the needs of the industry as a financial training intermediary. It will also serve as a platform for the industry to provide regular feedback on manpower needs and issues. The industry has established the Financial Industry Competency Standards Committee, which will develop internationally aligned competency benchmarks for the whole financial industry. MAS is also working with specific industries to address their human resource needs through a manpower conversion scheme. This scheme will help mobilize, train and channel resources to support growth areas quickly. MAS will work with financial institutions to build and upgrade talent in the financial sector workforce. Singapore has always welcomed talented individuals to live and work here. They have contributed much to the vibrancy of our financial sector. Singapore must remain open to talent and continue to be a conducive environment to work and live in, so that we can continue to attract talent here, and also retain able Singaporeans. Conclusion MAS is committed to the vision of Singapore as a leading global financial sector, one which is competitive, fosters enterprise and innovation, and maintains high regulatory standards. We have made steady progress toward this goal and must continue to do so.