mauritius to ratify the convention. regulations under the financial intelligence and anti - money laundering act 2002 have been promulgated. another law on mutual assistance in criminal and related matters has also been enacted. guidance notes on anti - money laundering and combating the financing of terrorism have been updated and aligned with international standards as acknowledged by the fsap mission. the ambiguity as to whether the bank of mauritius is empowered to issue such guidance notes has been dealt with in the anti - money laundering ( miscellaneous provisions ) act. furthermore, a few additional guidelines are being worked upon. a draft guideline on credit policy has already been finalised and is due to be issued to the industry shortly. in february 2002, at the quarterly meeting of the banking committee, i proposed to chief executive officers of banks, the establishment of a credit information bureau in mauritius. bankers enthusiastically welcomed the project. a sub - committee, comprising senior officials of all commercial banks and headed by the manager legal of the bank of mauritius was appointed to make recommendations on the way forward. the sub - committee submitted their report in august 2002. i am happy to note that the fsap mission is supportive of this initiative. the national bank of belgium houses one of the most sophisticated credit information bureau in the world. i accordingly solicited the assistance of the governor of the national bank of belgium to guide us on this project. a delegation headed by the managing director of the bank of mauritius, comprising bankers, will proceed to the national bank of belgium for a prospecting visit in november this year. in all the assessments that have been made so far a common thread is perceptible. the strong willingness of the authorities in mauritius to co - operate and to promote the country as a sound and clean jurisdiction runs through the assessments. even before the financial sector assessment programme started we, at the bank of mauritius, had already identified certain areas of vulnerability of our banking industry. we did initiate several remedial actions and i am particularly pleased to note that the fsap report does make mentions of the various initiatives. the fsap report is a critical assessment of where we stand today. the recommendations are expressions of views regarding what need to be done now and in the immediate future. but we need to constantly review our supervisory and legal framework in the light of changes taking place in the domestic economy and in the dynamic international financial system as well. we have a panoply of rules, guidelines and laws for the proper conduct of banking business

great extent driven by demand for the goods that were previously postponed. in the same way as swedish exports fell as markets shrank, they are now rising as the markets are growing again ( figure 1 ). good public finances … but to a large part the good developments concern what i just tried to convey : that we actually acquitted ourselves fairly well this time. this includes the good public finances. since the end of the 1990s our national debt has shown a declining trend. there has not been any corresponding decline in, for instance, the eurozone and the united states ( figure 2 ), where the national debt moreover began to increase substantially during the financial crisis. in many areas it is thus necessary to tighten fiscal policy, but this does not apply to sweden.... and a high level of household saving gives scope for growth but swedish households have also acted in a way that has increased resilience during the economic downturn. unlike in many other countries, savings in sweden have shown a rising trend over the past decade ( figure 3 ). during the crisis, saving increased both in sweden and in most other countries. this is largely due to what is known as precautionary saving as a result of increased uncertainty. in many countries this uncertainty concerns the large deficits in public finances and what consequences these may have for household incomes in the future. as this uncertainty can be expected to remain over the coming years, private consumption will probably be held back. but we do not have this situation in sweden. although one can note that consumer confidence has strengthened in many areas in recent years, it is primarily in sweden that it has reached historically high levels ( figure 4 ). the combination of sound public finances and high household savings means there is scope to reduce saving over the coming years. together with relatively large increases in disposable incomes, this means that private consumption is likely to increase at a good pace. sweden is one of few countries in the oecd area where the labour market has clearly begun a recovery. moreover, the upturn in employment is on a broad front. the manufacturing industry has once again begun recruiting and is expected to continue to do so over the coming period. employment in the services sector, which managed the crisis better, is also expected to continue increasing. resource utilisation is rising gradually swedish gdp growth is expected to amount to almost 5 per cent in 2010, before gradually falling back to around 2. 5 per cent at the end of the forecast period. but