economics at the caribbean development bank. dr. ram is a specialist in energy and development economics and possesses a phd in economics from the london school of economics. in addition, dr. ram has a wide range of experience as a lecturer in economics, as a policy maker, and has acted as a consultant for the world bank, united nations and international labour organisation. in his address, he asks us to imagine an end to slow economic growth. it is therefore highly appropriate that he opens the batting at a conference such as this, designed to address the vexing problem of slow growth and economic instability in the small open economies of the caribbean. ladies and gentlemen, please give a warm welcome to dr. ram. 2 / 2 bis central bankers'speeches

they can be made affordable. importantly, the fact that policy initiatives in this area are supported by idb financing means that there is additional foreign exchange available to support the needed investment. among major projects being contemplated are a wind farm, a waste - to - energy plant, and the use of renewables such as bagasse. however, the process where the country is most advanced is solar generation. already a handful of businesses and individuals have installed systems, and gov ’ t has led the way with major installations at harrison ’ s cave and the ministry of transport and works. there is an opportunity here for retailers, banks and financial institutions to sell household systems, tied to the grid, on the basis of down payments and monthly payments that the middle class can afford. the quality of service there remains a major threat to barbados ’ competitiveness in all sectors, and it is our inability to guarantee consistently high standards of service in the private and public service. it is not enough that we should have examples of service excellence, and we do. what we really need is an average standard that is outstanding, by international comparisons, and a minimum standard that never falls below the acceptable. this is absolutely essential, because we compete on quality, not price. this is not the place to elaborate, but this is, i am convinced, the threat to the future growth and prosperity of this country. what about construction and other sectors? they cannot lead because they need foreign exchange to expand, and they do not generate any foreign exchange. so they must depend on the foreign exchange provided by tourism, bis central bankers ’ speeches the ibfs sector, agriculture and agro - industry, and on the foreign exchange saved from the use of alternative energy. strategies for the ibfs sector and role of central bank i am not the expert on the sector, but it is my understanding that the ibfs sector has had to reinvent itself on more than one occasion. it may be time for another reinvention, to address changing circumstances and opportunities in the international market. the challenges arise from the on - going need to upgrade our legal and regulatory framework, in line with international standards as well as those of countries with which we do business. barbados has begun to respond appropriately to these challenges, but we need to up our game in every case. i will touch on the global forum, the fsb, the fatf, and recent changes in the practices of the canadian revenue authority. the global forum the global forum has been set up