your conference today, he would slightly amend the opening line of his famous declaration in 1950 and say : " le systeme financiere europeene ne saurait etre sauvegardee sans des efforts createurs a la mesure des dangers qui la menacent ". or to put it in our common language, " europe's financial system cannot be safeguarded without the making of creative efforts proportionate to the dangers which threaten it ". our responsibility as leaders is to inspire and support those creative efforts as we meet the challenges in front of us. collectively and individually, we are responsible for the stewardship of our organisations so that they are fit for our successors. to paraphrase keynes, we need to disembarrass ourselves of short views and take wings into the future. one of my favourite poems is seamus heaney's beacons at bealtaine, a poem written to mark the eu's expansion nearly 20 years ago and which speaks, as heaney put it, " for our honour and dignity as europeans ". there's a line in it which for me captures a leader's role : move lips, move minds and make new meanings flare. 6 / 7 bis - central bankers'speeches diversity, connections, outcomes, ambition, and leadership. he tangata, he tangata, he tangata. move lips, move minds and make new meanings flare. 1 blinder, a. s., goodhart, c., wyplosz, c., hildebrand, p. and lipton, d., 2001. how do central banks talk?. centre for economic policy research. p66 2 nouriel roubini, megathreats, ( john murray, 2022 ) 3 https : / / european - union. europa. eu / principles - countries - history / history - eu / 1945 - 59 / schuman - declaration - may - 1950 _ fr 4 john maynard keynes, economic possibilities for our grandchildren, ( 1930 ) in essays in persuasion ( harcourt brace, 1932 ), 358 - 373 5 https : / / youtu. be / fzq8tanftxe 7 / 7 bis - central bankers'speeches

ltd, hsbc, and barclays bank plc., were appointed primary dealers. the bank of mauritius had decided that traditional bidders for bills at the weekly auctions would be gradually cropped out. between february 2002 and november 2003 transactions by primary dealers with banks amounted to rs1. 9 billion. their transactions with corporate bodies amounted rs10. 8 billion. with individuals their transactions amounted to rs1. 6 billion. these give a total amount of over rs14 billion worth of bills transacted by primary dealers. this value of transactions in bills reflects the potential that exists for the trading of government papers on the stock exchange. so far the number of eligible bidders at the weekly auctions held at the bank of mauritius that are not primary dealers has been reduced from around 250 to 11. over time only the primary dealers will be eligible to bid at the weekly auctions. institutional investors like the national pension fund, the national savings fund and all the remaining banks and other financial institutions will be required to purchase government papers on the secondary market. this would definitely require major changes in the investment decision - making process within these organizations. they would stand to gain in the medium - term. sometime in may last i initiated discussions with mr. sunil benimadhu, mr. vipin mahabeersingh and mr. chota moollan at the bank of mauritius on our intention to sell treasury bills through brokers on the stock exchange. several meetings were since held with myself, the managing director and the staff of the financial markets department of the bank of mauritius. discussions were held with stock brokers also. a set of rules and procedures has been defined and was submitted for approval by the financial services commission. some six weeks back i had a stimulative exchange of views with the honourable minister sushil khusiram on this project. the swiftness with which the honourable minister made regulations to that effect reflects his personal commitment and determination for the development of the market for government papers. i am thankful to him for having supported this initiative. with hindsight the decision to sell treasury bills over - the - counter at the bank of mauritius was a decision taken in the right direction. i am happy to see that finally the trading of bills will soon take - off on solid foundation. the stock exchange of mauritius, the central depository & settlement co. and the brokers have put in lots of efforts in the project and i am confident that it will not suffer the