while harmonisation of laws is a long - term goal, in the interim, the development of regional guidelines for insolvency practitioners can provide a consistent framework for managing cases across borders. these guidelines can address practical issues such as documentation standards, timelines for resolution, and cross - border coordination mechanisms. establishing regional centres for insolvency research and training can serve as a knowledge hub for policymakers, practitioners, and academics. such centres could provide standardised training programmes, publish regional studies, and host annual conferences to foster collaboration. such a centre can house a regional repository of case studies and best practices can provide valuable insights for policymakers and practitioners. this repository could include data on successful restructuring efforts, lessons learned from past failures, and innovative approaches to insolvency management. 3. incorporating climate resilience climate change is an existential threat to our region, and our insolvency systems must reflect this reality. governments and financial institutions should collaborate to develop climate - resilient financial products ( like green recovery plans ) and insurance schemes ( like standstill clauses ) that can mitigate the economic fallout of natural disasters. additionally, stress - testing for climate scenarios should become a standard practice across the region's financial sector. collaborating with international climate funds, private investors, and multilateral institutions can provide the financial resources needed to implement climate - resilient insolvency mechanisms. barbados has already begun to leverage such partnerships to support green finance initiatives, setting a benchmark for the region. 4. strengthening institutional frameworks national governments must prioritise investments in the infrastructure needed to support insolvency processes. this includes not only physical infrastructure such as courtrooms but also human capital development, ensuring that our judges, lawyers, and insolvency practitioners have access to world - class training. conclusion in closing, i want to thank insol international, the world bank, and the eastern caribbean central bank for organising this platform. your efforts in bringing together experts and policymakers will undoubtedly shape the future of insolvency reform in our region. let us leave this roundtable inspired, committed to action, and united in our vision for a stronger caribbean. together, we can overcome any challenge and build a brighter future for our region. thank you. 5 / 5 bis - central bankers'speeches

to provide a more transparent means of certifying that countries meet an agreed standard for the exchange of tax information and other related practices. former prime minister arthur played an important role in the initiatives leading up to the establishment of the forum, and barbados is a member. we are participating in an ongoing international process of country evaluation. we have had some stumbles, but it is my understanding that we are recovering from them. there are others in the room who can better elaborate on this than i can. the financial stability board ( fsb ) we have also made a positive response to the initiatives of the fsb, the body charged with coordinating the reform of the international financial system. we have prepared two studies which we have aired at regional and international meetings, on the importance of the ibfs sector to caribbean economies, and documenting the measures we have taken and are taking to ensure that our regulatory systems are kept up to marks with the guidelines published by international bodies. the papers can be accessed on the central bank of barbados website. we are also gearing up for our next financial sector assessment programme ( fsap ), more than a year away, and central bank and the financial services commission ( fsc ) will be engaging with you on this. financial action task force ( fatf ) with respect to the global forum and the financial stability board, we now have reasonably transparent international processes that we can work with. that is not yet the case with fatf. like the fsb, fatf is an exclusive members club which presumes to impose its rules on countries who are refused membership. both fsb and fatf have addressed this anomaly, in a fashion, by establishing regional advisory groups. we have been able to use the regional consultative group of the fsb to make the case for the caribbean, and the caribbean financial action task force ( cfatf ) is gaining momentum in protecting the interests of the region. in all three areas we need transparent processes by which countries may be certified as having achieved acceptable international standards. the canadian revenue authority changes and the need to diversify markets changes made recently redefine the competitive landscape in the canadian market, and the fact that tax information exchange agreements may now provide benefits similar to those available under double taxation agreements exposes barbados to competition from countries where there is no income tax. this matters a great deal, because so much of our ibfs bis central bankers ’ speeches business is concentrated in the canadian market. we must market the other factors that make