rameswurlall basant roi : recent reforms in banking regulation, supervision and prudential accounting in mauritius address by mr rameswurlall basant roi, governor of the bank of mauritius, at the imf afritac south seminar on international financial reporting standards 9, ebene, 7 april 2017. * * * ladies and gentlemen good morning i am happy to be here with you this morning. thank you mr ravi mohan, resident advisor to the imf ’ s afritac south, for inviting me to share my views on recent reforms in the area of banking regulation and supervision, including on prudential accounting, in mauritius. in 2012, the bcbs released the revised core principles for effective banking supervision to address weaknesses that came to light during the 2007 – 08 global financial crisis. in recent years, supervisors around the world – including the bank of mauritius – have taken radical steps to improve the regulatory and supervisory framework by drawing lessons from the crisis and by raising standards in line with the revised core principles and other internationally - accepted norms. the 2007 – 08 crisis demonstrated how easily a failed financial institution – in particular, systemically important ones – could send tremors across jurisdictions worldwide. shockwaves can be transmitted, for instance, directly via the liquidity channel by way of severe constraints to access funding or indirectly via second - round effects resulting from an economic slowdown. it is thus important that financial institutions build up resilience to be able to absorb both internal as well as external shocks. many regulators have made stress testing an integral component of the capital planning exercise for financial institutions. the bank of mauritius has recently developed stress testing models to independently assess the resilience of banks to shocks, both at macro and micro levels. banks are being required to implement an internal capital adequacy assessment by conducting stress testing for key risks at least once a year. in line with international trends, the bank of mauritius issued guidelines on capital conservation buffer back in june 2014. domestic systemically important banks are called upon to build adequate capital buffers that can be used in the event of stressed financial and economic conditions. whereas some supervisory authorities have already developed a risk based supervisory framework, a good number of authorities are still in the process of constructing their own framework to ensure that resources and compliance requirements are commensurate with the risk levels as well as the systemic importance of financial institutions. the bank of mauritius has initiated a phased roll out of a robust risk - based supervisory

koji ishida : japan ’ s economy, price developments and monetary policy speech by mr koji ishida, member of the policy board of the bank of japan, at a meeting with business leaders, kyoto, 30 july 2015. * * * i. developments in economic activity and prices a. overseas economies overseas economies – mainly advanced economies – have been recovering, albeit with a lackluster performance still seen in part. aggregate real gdp growth rate for major economies, weighted by value of exports from japan, decelerated to around 2. 5 percent in the january - march quarter of 2015 due to the slowdown in the u. s. and chinese economies. although low crude oil prices since summer 2014 had been expected to push up consumption, the growth rate has been decelerating on a quarterly basis recently – resulting in somewhat sluggish economic conditions. the projection of global economic growth in the world economic outlook ( weo ) update released in july by the international monetary fund ( imf ) has been revised somewhat downward for 2015 relative to the april 2015 weo, but the projection that the growth rate will accelerate toward 2016 is unchanged. although overseas economies might continue to lack momentum for the time being, the bank expects that they will continue to recover moderately, as advanced economies will continue to recover firmly and as the positive effects gradually spread to emerging economies. looking at movements by major region, the u. s. economy has been recovering, following its exit from the slowdown observed last winter, which was affected mainly by the severe weather. according to u. s. employment statistics for june 2015, the unemployment rate has been decreasing and the number of employees has been increasing firmly. in addition, consumer confidence has been improving. as for the outlook, although attention should be paid to the effects of low crude oil prices and the appreciation of the u. s. dollar, the economy is likely to continue to see growth led mainly by private demand, with robust household spending assisted by the favorable employment and income situation. economic activity in the euro area seems to have continued to recover moderately, although there was still tension in financial markets regarding the debt problem in greece. private consumption has been increasing, supported in part by the improvement in the labor market, and business sentiment as well as production activity have been recovering moderately. as for the outlook, the euro area economy is likely to maintain its moderate recovery as the effects of the depreciation of the euro and monetary easing will permeate the