Effective environmental protection policies relating primarily to the effects of degradation and depletion of the environment need to be implemented and maintained by institutions and individuals at all levels of society namely, local governments and national, regional,  4  Environment Canada, International Relations, International Agreements, 1998 http://www.ec.gc.ca/international/multilat/ ozone_e.htm  5  Kyoto Protocol, Status of Ratification, Last Modified 29th July 2004, http://unfccc.int/resource/kpstats.pdf  BIS Review 74/2004  7  as well as international institutional bodies. This is even more critical for Africa which is also faced with unique constraints such as rapid urbanisation, poverty, poor legislation and inadequate capacity to implement and enforce legislative controls where they exist. The trend of population growth in developing countries, estimates that 95% of the total world population growth will occur in Africa, Latin America, and Asia over the next 30 years (Post-LawrenceWeber, 1999). The resulting increasing strain on natural resources due to the imminent population boom in Africa if not checked, will cause many setbacks to economic growth and human development. It is therefore advisable that stricter environmental policies be implemented in these countries so as to offset encounters with such negative developments. The anticipated future demographic pressure on urban areas due to a shift of the expanding population to the cities and towns in search of jobs will ultimately result in increased levels of air pollution, and pressure on transportation facilities, urban sanitation, access to clean water supply, and waste disposal.

Ravi Menon: Inauguration of Swiss National Bank’s Singapore branch Congratulatory remarks by Mr Ravi Menon, Managing Director of the Monetary Authority of Singapore, at the inauguration of Swiss National Bank’s Singapore branch, Singapore, 11 July 2013. *  *  *  Mr Thomas Jordan, Chairman of the Governing Board, Swiss National Bank Ambassador Thomas Kupfer Ladies and Gentlemen, Good afternoon. I am delighted to be here to celebrate the opening of Swiss National Bank’s first overseas branch office, right here in Singapore. The opening of SNB’s Singapore branch is significant. It reflects the growing importance of Asian markets in the portfolios of many long-term investors such as the SNB. Currently, there are over 500 players in the asset management industry operating in Singapore with total assets under management of around USD 1.1 trillion. If Asia is the heart of the global economy, then it is in Singapore that you feel the heartbeat. From Singapore, you will get a good feel of not just the well-established markets in Northeast Asia, but also the rapidly emerging ones in South and Southeast Asia. This new branch office will help SNB form closer and stronger ties with partners in this fast-growing part of the world. In particular, SNB will have the opportunity to exchange views with the vibrant asset management community in Singapore, including many Asia-focused managers and investment professionals. We are doubly pleased that SNB has chosen to come to Singapore, because our two countries are like kindred spirits.