mean it is ineffective or useless. don ’ t ignore heterogeneity among countries and regions fourth, do not ignore heterogeneity among countries and regions. it is not the case that every country should follow a common sequence of policies to exit from unconventional policies. economists, including me, have a tendency to ignore statutory differences and institutional subtleties among countries and regions, to get clear - cut empirical results and policy recommendations. there are always pitfalls in this tendency, which we should be very careful to avoid. at the outset of my presentation, i described a stylized framework of conventional monetary policy that assumed well - functioning financial markets. however, in fact, the description of well - functioning financial markets there is an idealized one, not always true even for developed countries. for example, japanese financial markets experienced temporary segmentation in some segments from time to time even before the current crisis, and the boj conducted painstaking market operations. an immediate corollary of this is that an unconventional policy in one country is not necessarily unconventional in other countries. the outright purchase of government bonds is a case in point. the fed stated the purpose of purchasing longer - term treasury securities is “ to help improve conditions in private credit markets ” in march 2009 ; the boe conducts its purchase of gilts as a means of “ quantitative easing. ” however, the boj has been conducting outright purchases of japanese governments bonds as a traditional tool of market operation, to provide longer - term liquidity. don ’ t assume a return to the way it was now i come to the last of the five don ’ ts : do not assume we will return to “ the way it was. ” although the collapse of the global financial markets took place in a surprisingly short period of time, their rebuilding and restructuring is likely to be a long and slow process. the “ normalcy ” to which we are returning is the one in which rebuilding and restructuring are still under way. moreover, “ the way it was, ” that is, as financial markets were before the crisis, with high leverage and dubious securitized products, has been shown to be unsustainable. we live in a world of irreversibility, a world in which we cannot undo what we have done. both financial markets and real economies have changed in an irreversible way. now we have to be flexible enough to adjust ourselves to this changing reality. thank you for your kind attention. ( chart 1 ) bo

address cultural risks that drive misconduct. once concluded, the tendency of “ rolling bad apples ” in the financial sector will be stopped and there will be no place to hide for dishonest and unethical people. let me underscore that the success of a well - diversified economy depends on an inclusive, well managed, prudently run and efficient financial sector. to this end, the bank of botswana continues to foster the development of policies designed to enhance and align skills to the needs of the domestic market. it is vital that banks, which are the bedrock of the financial sector, fully commit to the effective implementation of the human development strategies aimed at increasing the supply of professional bankers. the existing and continually evolving training opportunities should be geared towards enhancing efficiencies in the banking sector. needless to say, effectiveness and development of the institute is significant both in content and technicality, to adequately equip bank employees and ground them in the pre - requisites of what is required to be an effective and professional banker. distinguished, ladies and gentlemen, i would like to take this opportunity to remind all of us here, once again, of the importance of adhering to codes of ethics and professionalism in the delivery of banking services. this is important as banks are invariably the principal pillars for commerce, savings mobilisation and payments infrastructure and, in general, socio - economic development. in concluding, council chairman, council members, executive director, and distinguished guests once again, congratulations to the graduants and award winners on their achievement. it takes determination to start, and commitment to finish. this evening represents a mark of personal growth and i have every confidence that the success in your botswana institute of bankers studies offers an opportunity for your professional growth in the banking industry. i thank you for your kind attention.