transaction - oriented approach to supervision and as we move further away, cooperation among the regulatory bodies will become even more important given the home / host relationship and the magnitude of the risk that is inherent in such relationships. i have noted that over the last thirty years, the cgbs has endeavoured to strengthen its supervisory and regulatory framework of the regional central banks and monetary authorities. it has established technical working groups to address inter alia consolidated supervision, crisis management and basle requirements and has put in place the requisite instrument to facilitate information sharing and cooperation with foreign regulatory bodies. your members are also active participants in supervisory colleges where banks span several countries and i am aware that yesterday three supervisory colleges were held. much emphasis has been placed on ensuring that the banking sector remains safe and sound, however, there are non - bank institutions that could severely threaten such safety and soundness and consequently the same level of attention / emphasis should also be directed to those institutions. perhaps, cgbs could consider expanding its conference scope in the future to include regional non - bank regulators with whom your constituents interface. both banks and non - bank financial institutions are integral to the safety and soundness of the financial system. ladies and gentlemen, let me conclude by saying that our approaches to supervision and the depth of our regulation would continue to require proactivity and enhancement as the financial landscape continues to change. the central bank governors of the region will continue to rely on the cgbs to provide the advice and guidance needed to keep our region safe. success in this regards depend on the thoroughness and robustness of your work and bis central bankers ’ speeches the reliability and efficacy of the methods you employ. you must continue to organize and support the necessary training and mentoring of supervisors so that a pool of capable and technically sound personnel is always available and that greater reliability may be placed on their output. during today and tomorrow several papers will be presented on a variety of sub themes and i anticipate that at the end of this conference some critical imperatives would have been identified to steer us through the current challenges and others looming on the horizon. our confidence in the role of the cgbs has never been misplaced. i wish you all successful deliberations and trust that your stay here will afford you the opportunity to discover for yourself the beauty of our country and the warmth of the guyanese people. welcome once again to all. bis central bankers ’ speeches

to the benefits received. this contributes to increased investment and augments the productive base, thereby facilitating the financing of social security expenditure commitments. apart from specific reforms in the social security system itself, an improvement in the fiscal position would have an overall positive macroeconomic effect, compensating in part for the addition in aggregate demand brought about by ageing. the lower absorption of resources by the state could also lead to a higher average level of productivity and to an improvement in the country ’ s balance of payments. productive capacity would also be enhanced if the state creates fiscal and other incentives for individuals to provide for their own needs after retirement, leading to an increase in the household saving rate and, consequently, also to a faster accumulation of capital. fiscal consolidation will, however, only solve part of the problems created by population ageing. the negative supply shock caused by this phenomenon must also be countered by a positive shock. supply - side reforms aimed at increasing the availability and the efficient use of economic resources are, therefore, essential. the efficiency of markets can be improved by implementing a vigorous competition policy and reducing public sector involvement in the economy. productive capacity would also be improved through such policies as market liberalisation, greater investment in infrastructure and education, and a market - driven industrial policy. structural rigidities in the labour market must be eliminated in order to decrease their disincentive effects in terms of the labour supply and the work ethic. a labour market policy intended to increase skills, and consequently the employability of individuals, is also desirable. conclusion this “ grey cloud ” on the horizon, therefore, appears to have a silver lining in the form of appropriate policy responses that would effectively enhance the welfare of populations. moreover, as the secretary - general of the united nations, kofi annan, has said : “ trees grow stronger over the years, rivers wider. likewise, with age, human beings gain immeasurable depth and breadth of experience and wisdom. that is why older persons should be not only respected and revered ; they should be utilized as the rich resource to society that they are. ” the wealth of skills and experience that older people bring to the workplace, to public life and to the family are generally not recognized. technological advances and new ways of organizing society can be put to good use to increase the participation of older people in work and to make appropriate socio - economic changes.