##ilience of our economy during the global financial crisis. far be it for me to trumpet this, but let us never forget that this happy state of affairs is the result of the strong regulatory and supervisory framework put in place by the bank of mauritius. let me say a word about our relations with kenya. last year, i was in nairobi to sign a memorandum of understanding with governor ndung ’ u of the central bank of kenya to enhance mutual co - operation in the supervision of our financial institutions. it is a little - known fact that our relations with kenya in the financial sphere go back to preindependence days. the kenya - based jubilee insurance invested then in an operation in mauritius, which is still present today. more recently, i & m bank of kenya joined forces with a mauritian conglomerate, with diversified interests in agriculture, hotels, tourism and manufacturing to take over a local bank. in the other direction, another large mauritian multinational conglomerate, involved in diverse activities ranging from insurance and leasing to banking and distribution, invested as a minority partner in one of the rapidly - growing kenyan banks, equity bank. the same conglomerate ended the year with another joint venture in kenya, this time in the furniture retail business. so kenya and mauritius are living examples of increased south - south cooperation and south - south investment, which mean more fdi flows among the southern countries. it seems that the wish i had expressed at the signing ceremony with my kenyan counterpart that the relations between mauritius and kenya tighten further, is fast being fulfilled. conclusion let me now conclude. this financing and investment package that we are celebrating this evening has allowed us to tick so many boxes on the long to - do list on our financial sector bis central bankers ’ speeches development agenda. we are slowly but surely moving forward. the road ahead is long, bumpy, and certainly not risk - free. but i have no doubt that the notes issue by omnicane will prove to be a milestone in this long journey. it would be remiss of me to conclude without giving some good marks to standard bank for taking the lead in this initiative. since the bank set up shop here in 2001, its business has expanded significantly. during the last five years, the bank ’ s total assets have increased three - fold. it now ranks 6th in terms of total assets of the banking sector. the bank ’ s previous ceo, chris clarkson, was constantly fighting for financial deepening and the development of the domestic debt

. this does not constitute a change of strategy ; it is an attempt to explain our monetary policy stance even more simply and clearly – so that it is understood ; if possible, by all market participants. it outlines our likely monetary policy response based on current data and the eurosystem ’ s two - pillar approach to analysing risks to price stability. it is not a historical sea change in monetary policy communication ; it is intended to provide more monetary policy guidance in times of heightened uncertainty. however, it is important to remember that this guidance is conditional on economic developments. it does not lay out an unconditional, fixed path for key interest rates. the ecb governing council has not simply tied itself to a mast like a modern - day ulysses. this forward guidance should not, therefore, rule out a timely rise in key interest rates if there are signs of increasing price pressures in the future. 5. conclusion ladies and gentlemen, aside from the acute crisis measures it is vital that we create a more stable monetary union. this won ’ t be easy to achieve. the current crisis has many different causes and combating it in the short term has taken a huge toll on the framework of europe ’ s monetary union. many different remedies will therefore be needed to find a lasting cure for this crisis. i have discussed some of these remedies in detail here today ; others i have only mentioned in passing. what many of them should have in common, however, is the aim of strengthening the no bail - out principle. this applies to banking and financial market regulation, the creation of a european banking union and the treatment of government debt in a monetary union. these are no easy tasks, and they sometimes involve a difficult balancing act – including for myself. but i promise that i will campaign forcefully and persistently to ensure that this promise is kept : that our currency, the euro, remains stable. thank you very much. bis central bankers ’ speeches