island countries, aims to plug a market gap and address a persistent development challenge by developing, piloting and scaling market - based parametric insurance solutions. acknowledge pfip ’ s work i wish to acknowledge with sincere gratitude, the commitment and ongoing assistance of the pacific financial inclusion programme ( pfip ), jointly implemented by the united nations capital development fund ( uncdf ) and the united nations development programme ( undp ) to our 1 / 2 bis central bankers'speeches country and to the region that has enabled us to be at the forefront of significant developments in financial inclusion. the financial and technical assistance by pfip has continued to strengthen the platform we have for financial inclusion, innovative insurance solutions, capacity building and knowledge sharing. i am pleased to highlight that our collaboration with the pfip was established in 2009 after which fiji ’ s first national financial inclusion strategy was also adopted. since then, our collaborative approach, with the set - up of the national financial inclusion taskforce and its four working groups, has worked well for us in providing a platform for effective collaboration between all stakeholders. over the years, we have partnered with pfip on a number of initiatives including the piloting and launch of the bundled micro insurance product with the active participation of the private sector, which has resulted in more than doubling of the insurance penetration rate in fiji, in the past three years. conclusion i wish to also convey my gratitude to the governments of new zealand and australia for their financial support and collaboration with pfip for this initiative. finally, i would like to congratulate uncdf, undp and the un university on the launch of this new programme today. the reserve bank of fiji fully supports this initiative, as it aims to fulfil a long - pending need and aspiration of fiji and our neighboring pacific countries, a region prone to natural disasters which has long lasting impacts on our economic growth. we look forward to continued collaboration under the newly launched pica programme and sharing the many benefits that the programme will bring to our pacific region. vinaka. 2 / 2 bis central bankers'speeches

harmonized approach across different legal and regulatory regimes. many questions must be answered : how would different creditor and counterparty claims be treated? who would provide the bridge financing to facilitate the orderly liquidation? would the home country regime ensure equal treatment of all banks ’ claims around the world, regardless of jurisdiction or legal entity? would there be clarity about this, ex ante? if an effective global resolution regime with clearly defined ex ante characteristics were to turn out to be a bridge too far, national authorities may have to fall back on a subsidiarization model, in which global firms would have to establish subsidiaries on a country - by - country basis each with their own capital and liquidity buffers. such a regime would require greater capital and liquidity as the banks would lose the significant risk diversification benefits gained from operating in many different countries. such a regime would also presumably make it more difficult for these firms to provide financial services seamlessly to multinational corporations, global asset managers, and others that operate on an international basis. even in this scenario, however, it would be important to ensure that national resolution regimes could interact with each other in a coherent manner. to sum up, my view is that we live in a globalized world both with respect to the macro - economy and the financial system. but too often we set macroeconomic policy and regulatory policy at a national level, and miss important opportunities to coordinate and make the global economic and financial system stronger overall. we need to understand where greater global perspective is required and we need to apply that perspective consistently across jurisdictions in a timely manner. if we don ’ t do this, we won ’ t achieve all the benefits that are possible from global specialization and we will continue to run significant risks with respect to financial stability. thank you for your kind attention. bis central bankers ’ speeches