mauritius has issued the new guidance notes to the industry on a consultative basis. the customer due diligence document also attributes the responsibility to national supervisors for ensuring that banks have minimum standards and internal controls that allow them to know their customers. given the increasing responsibilities of bank supervisors, i have proceeded with a significant capacity building in the supervision department of the bank. the staff has been almost doubled and is being intensively trained to meet the challenges in the years ahead. last year, we underwent an fsap assessment at our own request. the bank of mauritius act and banking act are being revised to further enhance compliance with the “ core principles ” and to take into consideration the recommendations made by the fsap team following its detailed assessment of compliance with the 25 core principles for effective supervision and transparency of banking supervision. the bank issued on november 2002 a guideline on public disclosure of information by financial institutions. rigid bank secrecy laws are no longer acceptable in the global fight against money laundering. information has to be shared with competent authorities. in this connexion, the financial intelligence and anti - money laundering act 2002 established the financial intelligence unit. the fiu has explicit power to gather, analyse and disseminate information. in the last few years we have made a great leap forward in improving the regulatory and supervisory infrastructure in mauritius. we have since quite sometime adopted a prophylactic approach in our regulatory and supervisory policies in respect of our banking industry. the job of regulators and supervisors has never been an easy one. it is often misunderstood. it ’ s a highly complex one full of invisible hurdles. the hurdles stemming from inside the country are relatively easy to overcome. those stemming from abroad are not that easily overcome. regulators and supervisors across the world have however been doing an excellent job. they are never congratulated for their good performance. and never expect to be congratulated. so let us congratulate ourselves. let me wish the annual meeting of the ogbs the very best of success. may i also wish you a pleasant stay in mauritius. thank you.

below target once we start raising rates. i agree with atlanta fed president lockhart in thinking that we ought to be “ whites of their eyes ” inflation fighters. 18 the last thing we want to do is regress back into the zlb. indeed, such a relapse would be a sign there was something else going on that was preventing the economy from being as vibrant as we thought possible. consensus economics, inc. ( 1994 – 2014 ). lockhart ( 2014 ). bis central bankers ’ speeches to summarize, i am very uncomfortable with calls to raise our policy rate sooner than later. i favor delaying liftoff until i am more certain that we have sufficient momentum in place toward our policy goals. and i think we should plan for our path of policy rate increases to be shallow in order to be sure that the economy ’ s momentum is sustainable in the presence of less accommodative financial conditions. i look forward to the day when we can return to business - as - usual monetary policy, but that time has not yet arrived. references aaronson, daniel, luojia hu, arian seifoddini and daniel g. sullivan, 2014, “ estimating and forecasting trend labor force participation, ” economic perspectives, federal reserve bank of chicago, vol. 38, forthcoming. aaronson, daniel, and andrew jordan, 2014, “ understanding the relationship between real wage growth and labor market conditions ( pdf ), ” chicago fed letter, federal reserve bank of chicago, no. 327, october. aaronson, daniel, and daniel g. sullivan, 2001, “ growth in worker quality ( pdf ), ” economic perspectives, federal reserve bank of chicago, vol. 25, fourth quarter, pp. 53 – 74. acemoglu, daron, and david h. autor, 2011, “ skills, tasks and technologies : implications for employment and earnings, ” in handbook of labor economics, orley ashenfelter and david card ( eds. ), vol. 4b, amsterdam : elsevier / north - holland, pp. 1043 – 1171. autor, david h., 2011, “ the unsustainable rise of the disability rolls in the united states : causes, consequences, and policy options, ” national bureau of economic research, working paper, no. 17697, december. burkhauser, richard v., and mary c. daly, 2011, the declining work and welfare of