aml ), a proposal for a new international ifc forum, tax information exchange agreements ( tieas ) and double taxation agreements ( dtas ) and legislation. the briefs which appear in the newsletter are, as you will see, contributed by your colleagues in the industry, as well as by officials. we urge you to submit your own views and information, in reaction to what you read in the newsletter, as well as original material. the dialogue which this conference permits is very important in helping to craft fruitful responses to the changing international environment. we the regulators need to be continuously updated on the opportunities and interests that you the active agents see for yourselves, and the mechanisms that will facilitate your activities. you all need to understand the requirements for maintaining a first class financial centre, so that you can plan your strategies accordingly. in the end, both sides have the same objective, to cement the international reputation of barbados ’ financial centre by attracting only the best run companies to our shores. we welcome you all to this second annual ibfs conference. we have an agenda that is focussed on the issues that are most current, and we have an opportunity here to continue our public - private sector dialogue on the way forward. we have the collective will, and today we expect to further dialogue and investigate the ways by which we can further expand the ibfs sector. bis central bankers ’ speeches

? ” that award - winning scientist and environmentalist, dr. david suzuki, delivered next door. that theme remains of great significance because, as a small open economy, we are very vulnerable to the disastrous effects of fossil fuels. we are especially vulnerable to the environmental degradation that fossil fuels cause. global warning created by fossil fuels makes us susceptible to the hazards of climate change. a recent imf blog quoted scientists as warning that in the absence of mitigating actions, global temperatures may rise by more than four degrees celsius above pre - industrial revolution levels by the end of the century. this phenomenon will lead to inundation of low - lying island states and extreme weather events, the scientists predict. the attendant beach erosion would bode ill for our main industry tourism. indeed, we in the caribbean are among the top 25 most vulnerable nations exposed to shifting 1 / 2 bis central bankers'speeches weather patterns and global climate change. and we have already started to experience the extreme weather conditions about which scientists warn. we only have to flashback to dominica 2017 and recall how irma and maria wrecked our neighbour. those storms wiped out over 200 percent of dominica ’ s gdp in fewer than two days. that is an astronomical cost to pay and requires sustained coordinated global action to minimise the impact on small island economies like ours. and this is not the only price that comes along with our dependence on fossil fuels. high fuel prices impinge barbados ’ economic growth, stymie our competitiveness, and erode our foreign reserves, the lifeblood of our economy. in 2008, when oil prices hovered around us $ 90 per barrel, our balance of payments felt the impact. as the cost of fuel imports sky rocketed, shipping costs also rose, pushing up the price of imported goods. these increasing costs had an inflationary effect, while our valuable foreign exchange was used to help pay for these imports. high oil prices do have ripple effects for us. consider the savings in foreign exchange, therefore, if we were to move to renewables, harnessing the sun, wind, water, and now biological resources and organic waste. these savings have the potential to facilitate projects that stimulate greater economic activity and fuel growth. today, the bank is concerned about the current global uncertainty, created in part by geopolitical tensions, surrounding the price of oil. significant increases in the price of oil now that we are stabilising the economy represent a distinct downside risk that could offset our economic