the covid - 19 crisis. in july 2020, in the us, the office of the comptroller of currency provided guidance that federally chartered banks may provide crypto custodial services for fintech using crypto assets and stablecoins. in mauritius, the regulatory committee on fintech and innovation - driven financial services was set up in 2018 to facilitate the adoption of fintech and other innovative services. the committee identified different priority areas within the fintech space. the recommendations of this committee provided the foundation for the virtual asset and initial token offering services act ( vaitos ) 2021 which was brought into force in february 2022. the vaitos provides for a regulatory framework for new and developing activities regarding virtual assets ( vas ) and initial token offerings ( itos ) in mauritius, as well as to safeguard against money laundering and financing of terrorism associated with vas. with the coming in force of the vaitos, mauritius is one of the few countries to be in compliance with all 40 recommendations of the fatf. also, cognisant of the challenges associated with the opening of accounts by new fintech players, the bank has set up a committee comprising different stakeholders to specifically look into these issues. the bank is also updating its regulatory and supervisory toolkit with respect to virtual assets. ladies and gentlemen, banking is no more just a brick and mortar affair. it has become a hotbed for innovation and technological prowess. as an international financial centre of repute, our jurisdiction has to follow the latest developments and customize them to its requirements. in that regard, the bank is supportive of new ideas and recognises that those changes can drive improvements in how the industry meets customers'needs. at the recent governors'meet held in the context of the 55th anniversary celebrations of the bank, i emphasized the importance of innovation in central banking. i ensured that a panel consisting of governors and other eminent participants discussed specifically on this issue. the " future of banking report " for mauritius was also officially unveiled. the report charts out the roadmap for our banking sector in the next decade and it has extensively covered digitalisation. i would advise the audience to refer to the bank's website for a copy of the report. let me now take you through the various initiatives on the digital front at the level of the bank. we have constantly invested in the evolution of the country's payment infrastructure and can today boast of a modern eco - system. one of the hallmarks

the rt hon sir edward george : a brief review of economic and financial developments in the uk speech by the rt hon sir edward george, governor of the bank of england, at the finance and leasing association annual dinner, london, 24 march 2003. * * * mr chairman, my lords, ladies and gentlemen, i must confess that i was surprised when i discovered that it was seven years since i last spoke at this finance and leasing association annual dinner. i'm delighted to be with you here this evening. on that earlier occasion - in 1996 - i emphasised the corrosive and debilitating effect of high and variable inflation that we had experienced in this country over much of the previous 50 years. i stressed the damage that this had done to our economy - the pervasive uncertainty and unpredictability, and the short - termism that it induced, in personal and business as well as financial behaviour, the incentive to borrow and spend rather than save and invest, the masking of real price signals as the guide to efficient resource allocation, and the masking, too, of productive inefficiency that was too easily covered up by generally rising prices and earnings. but i suggested that the tide had already then finally begun to turn. i drew attention to the growing constituency in support of stability in this country - as a necessary condition for sustainable growth after our particularly bitter experience of boom and bust in the late 1980's and early 1990's. i was able to point to the preceding four years - during which inflation had averaged just under 3¼ %, compared with almost 10 % over the previous 20 years. i was able, too, to point to sixteen consecutive quarters of positive economic growth. and i was able to point to a continuing, relatively steady fall in unemployment from its peak - in terms of the claimant count measure - of almost 10 % in 1993. then i held out to you the prospect of continuing stability - with low inflation and sustained economic growth - as far ahead as i could see. you didn't believe a word of it! you listened - very courteously, as i would expect from the members of your very professional association - but you listened with a good deal of scepticism, which, i confess, i could perfectly well understand. as i left that evening, one of your members said to me " i do hope you're right, eddie, but we've heard it all before. we'll believe