of skewed asset ownership, such myopia can turn out to be very costly. a headlong rush for growth can be the royal road to social instability and economic breakdown. what we need above all is growth that provides for all, a decent house, quality education, health, transport, food, leisure and respite from debt. 19. growth is good ; sustainable growth is better ; sustainable and inclusive growth is best of all – absolute nirvana. is it attainable? here in mauritius, with our population of only 1. 3 million, and a policy environment never trailing too far behind best practice, we could have a stab at it. this is not a goal too far – not for us who have made a habit of punching above our weight. but we must work for it and encourage our policy - makers to press ahead with the reform agenda. and, while they are fixing the policy environment, we must accelerate our corporate social responsibility ( csr ) drive. since january 2012, profitable companies have been required to pay 2 % of their book profit into a csr fund to finance social and environmental activities. this is no doubt a good basis to build on. but isn ’ t there a better way for corporates to carry and demonstrate their social responsibility? 20. let us draw some inspiration from james wolfensohn, former world bank president. ten years ago, at a function of the world savings bank institute, he remarked : … i want to salute these banks [ wsbi ’ s members ] and encourage them to continue in their theme of a double bottom line : to think not just of profit, but to think also of social responsibility which savings banks carry so well. 8 21. double bottom line reporting seeks to extend the conventional bottom line, measuring financial profit or loss, with which we are all familiar, by adding a second bottom line to measure their performance in terms of positive social impact. indeed, to address our sustainability concerns, so well encapsulated in the overarching maurice ile durable 9 concept, we can go one better and embrace triple bottom line reporting. this will include the valuation and protection of the rich resources of our beautiful natural environment. 22. laying down more concrete, like guzzling fuel in traffic jams, increases our gdp ; protecting our social and physical environment is better captured by the double and triple bottom lines in quality accounting. rising inequality worldwide, and here in mauritius, raises key issues on the role of monetary policy and

, chief executives of banks and the chairman and the chief executive of the mauritius bankers association, for joining our efforts for the advancement of the banking sector. finally, i need to express my sincerest appreciation to my two deputy governors, the head of my governor ’ s office, my heads of division, and the staff of the bank for their support and commitment throughout the past year. bis central bankers ’ speeches looking ahead there are increasing signs that we are nearing the end of the crisis with visible signs of what looks like a sustainable recovery. i never tire of saying that the best contribution that the central bank can make to the nation is to maintain price and financial stability – this is our raison d ’ etre. our heightened profile at the international level puts us in a position where we can make a significant contribution to issues of relevance to central banks well beyond our own frontier. over the years, we have transformed our economy to make it more diversified and resilient. had we not engaged in, at times, painful reforms, we would have been hit harder by the crisis. we need to pursue these reforms and develop new drivers of growth that can take our economy out of the middle - income trap to a higher - income - level economy. development, like life itself, is a journey and not a destination. the reforms must continue if we are to maintain our preeminent position in sub - saharan africa. bis central bankers ’ speeches