oil usage and efficiency that the market mechanism encourages. this way, we avoid the over - valuation of the exchange rate and its attendant consequences for the sustainability of the current account. my position with regard to the reserves stems from simple prudence. jamaica ’ s experiences in the past have convinced me of the extent of the economy ’ s vulnerability to external shocks and other potential risks. my intention is therefore to continue to maintain jamaica ’ s reserves at a level comfortably above the norm. jamaica ’ s reserves are now equivalent to approximately 20 weeks of imported goods and services. the nature of the world has changed and with it the economics of the global situation. we will have to live with the uncertainties in the markets. we approach them with a macroeconomic framework that is well suited to our circumstances and with a buffer of reserves that recognizes our vulnerabilities.

, including funds. another example is enhancing available metrics of liquidity mismatch, including through better data on redemption terms. these are all necessary building blocks to strengthen our collective understanding of the global fund's sector contribution to systemic risk. second, bridging perspectives. as we heard over the course of the day, there remain differences in perspectives, not just in relation to the nature of systemic risk within the funds sector, but also on potential approaches to address that. progressing this policy agenda requires bridging those perspectives. which is why it is very positive to see the very close collaboration between the fsb and iosco at a global level on nbfi issues in recent years. events like the one today also help us bridge perspectives. and at the central bank of ireland – as an integrated central bank and securities regulator – we are in a unique position to contribute positively to this endeavour. indeed, when we think of capital markets, we take a broad public policy lens. and, as the governor said this morning, it is very clear to us that investor protection and financial stability are entirely complementary public policy objectives. we cannot have one without the other. both are ultimately needed to ensure that capital markets serve the interests of investors and the broader economy. third, enhancing the policy framework. earlier today, we heard views on both the why and the how the regulatory approach needs to evolve, in light of the evolution of the financial system. there is an active policy agenda in this area internationally, and it is important that we maintain collective momentum. 2 / 5 bis - central bankers'speeches the fsb recently agreed revised recommendations in relation to liquidity mismatch for open - ended funds. 1 it is now vital that we move towards implementation of these revised recommendations. and that we focus on the effectiveness of that implementation. for example, ensuring that fund managers'use of price - based liquidity management tools appropriately account for the market impact of asset sales. or that barriers to the use of such tools by fund managers are overcome, whether in normal times or in times of stress. these are critical implementation dimensions, both from a financial stability and an investor protection perspective. beyond liquidity mismatch, the fsb's focus has turned to leverage, including to consider potential policy recommendations for mitigating the financial stability risks stemming from nbfi leverage. the central bank is actively contributing to this work, including by sharing lessons from our own experience with macroprudential measures to