) of users, barriers encountered when seeking formal financial services, and to provide socioeconomic and demographic characteristics of users. demand side data will help policymakers to more accurately diagnose the state of financial inclusion, agree on targets, identify existing barriers, craft effective policies, and monitor policy impact. i urge more caribbean countries to actively participate in the next round of the global findex survey and to launch their own national financial literacy education surveys, so as to better inform the design and sequencing of their financial inclusion strategies. finally, we must ensure that financial inclusion reform is “ responsible ”. financial inclusion strategies need to include sufficient focus on responsible finance, with financial capability and consumer protection as central themes. in this framework, consumers must take responsibility for their financial decisions. it is my respectful view that advancing work on establishing financial ombudsman schemes across the caribbean region is critical to building more responsible finance. conclusion in closing, ladies and gentlemen, we must recognize that the road to financial inclusion is long and challenging, but models for accelerating the journey are emerging. let me assure you all of the continued support and collaboration of the central bank of trinidad and tobago in closing the gap and reaching full financial inclusion, every step of the way. i, thank you. bis central bankers ’ speeches

the price in the uk. bis central bankers ’ speeches technology played an important role in the take - off of singapore, cyprus, mauritius and other successful small economies by making business and government services more efficient. a concentrated focus on technological development will greatly facilitate business competitiveness in the region. in addition to business facilitation, regional governments could contribute to the resurgence of the private sector through disciplined management of the public finances. and this has many aspects. obviously, one important aspect is avoiding sizeable fiscal deficits so as not to crowd out the private sector and to contain public debt burdens. good public sector management also implies allocating sufficient resources to infrastructural development, education and health – areas that are critical for private sector development. in many cases, a business - friendly government expenditure policy could imply difficult socio - political trade - offs involving expenditures on subsidies and transfers. as i noted earlier, several countries in the region already have excessive debt burdens which sometimes force expenditure adjustments to fall disproportionately on critical public investment. in our university councils, we are at pains to underscore the importance of uwi as a regional university. regionalism is even more important in our economic sphere and deeper regional integration is absolutely critical for our economic survival. in delivering the william demas memorial lecture last month, the managing director of the world bank put her finger on this delicate issue as follows : “ from my experience in africa, ( she said ), i appreciate very well the sensitivities around deeper integration. at first glance, it might well seem that whatever one country wins, another loses. free movement of people, for instance has created concerns in all regions that are seeking deeper integration. but regional integration is the only viable way to create scale for your economies. ” we absolutely need to move beyond pious statements and seriously pursue what c. y thomas calls a model of “ open regionalism ”, based on an outward - looking market - oriented framework in which the private sector is expected to take the lead. in addition to the liberalization of trade in goods and services, this model involves the free movement of labour and capital, a regional strategic sectoral plan, the adoption of a harmonized investment code and the development of a regional capital market. greater integration along these lines could be a critical input in improving competitiveness. for example : labour mobility within the region has the potential to improve skill and wage arbitrage ; co - ordinated investment