we remain resolute in pushing ahead with our initiatives against climate change risks. however, the effects of climate change are rapidly intensifying and are also become increasingly intertwined with environmental degradation. hence, it is the need of the hour for all key stakeholders of our society, including scientific resources and private businesses, to combine their efforts for the national climate action of mauritius to become really meaningful and inspire positive change internationally. as we look ahead, if we aim to achieve sustainable and inclusive recovery, we should not be oblivious to our green credentials. indeed, building a greener, more sustainable and more climate - resilient economies is now an important part of the growth equation. we, at the bank of mauritius, have 3 / 4 bis central bankers'speeches already begun this journey by taking the right step in launching the climate change centre. four task forces have been set up, and i invite all stakeholders to actively interact with them, and with the climate change centre, to further the climate change agenda and contribute to the elaboration of strategies. the involvement of stakeholders is key especially as regards capacity building, exchange of information and data sharing. there is a dedicated webpage which the bank has created. you can see it on the screen right now. the webpage contains all the relevant information and contact details. ladies and gentlemen, the launch of the bank of mauritius climate change centre is indeed a major step for the country. it is a legacy for future generations. it is even more timely, as it comes to us as a prelude to cop - 26, which is due next month. with these words, i thank you all for your attention and look forward to having a meaningful discussion with you during the break - out session. 4 / 4 bis central bankers'speeches

the unprecedented foreign aid of about $ 13 billion ( which is roughly $ 120 billion in today's dollars ) was crucial in ensuring the effective recovery of the continent. this foreign aid helped considerably in rebuilding destroyed infrastructure. reconstruction investments proved to be a driving force for short - term recovery in europe, boosting economic activity and creating labor supply ( vonyo 2008 ). nonetheless, some economists ( for example barry eichengreen from the university of california, berkeley ) argue that the fundamental secret of europe's success was not the financial support in itself, but institutional readiness to use these resources, and to allocate them effectively ( eichengreen 2010 ). there are several examples of financial support from foreign allies actually harming a recovery instead of boosting it due to a lack of such institutional readiness. 1 the real secret of europe's post - war success can be seen in the fundamental and structural changes. resources flowed quickly and efficiently from public uses to private ones, the labor market and wages were liberalized, and price controls were lifted. measures that helped during the war but that could potentially have harmed the economy in future were removed ( vonyo 2019 ). croatia gives us another lesson in why prudent macroeconomic management and forward - looking policies are crucial for a successful recovery. with its economy almost completely paralyzed after the start of its war for independence in early 1990s, croatia experienced the problems that are common to all war economies : economic contraction, high inflation, depreciation, a lack of foreign financing, together with thousands of deaths and destroyed social infrastructure. increased military expenditures and debt financing via monetary emission placed a huge burden on the economy. that forced the government to cut non - military expenditures, while the central bank started its policy of monetary stabilization. following convincing military successes, economic reforms helped croatia restore private consumption, stabilize its markets, and win the war economically ( schonfelder 2005 ). 5. macroeconomic policies in wartime this is why it is very important to properly shape macroeconomic policies in wartime. the nbu's first steps after the russian invasion were directed at preventing panic and disruptive behavior, ensuring the uninterrupted functioning of the banking system and payments, keeping the economy running under an unprecedented shock, and reining in inflation expectations. for this purpose, in the first day of the war, the nbu fixed the official exchange rate of hryvnia to u. s. dollar through the use of fx interventions, and