system should be sacrificed. on the contrary, what is important to bear in mind is that by ensuring a stable price and financial environment, the central bank helps foster economic growth. i believe that no central bank can maintain price stability over the longer term without public support for the necessary policies. only with the confidence of the public in their policies and their own lasting dedication to non - inflationary growth together with a well - functioning financial system can central banks succeed in achieving and maintaining price and financial stability.

delisle worrell : general financial sector issues and policies opening remarks by dr delisle worrell, governor of the central bank of barbados, at the financial institutions conference “ general financial sector issues and policies ”, bridgetown, 3 november 2011. * * * this is our second annual conference for all financial institutions. we have a full day of discussion, which allows us to study current issues of the financial sector in depth. with the participation of all financial institutions, and with the collaboration of the financial services commission, we are able to take a comprehensive view of the financial system, including banks, finance companies, insurance, pensions, mutual funds, credit unions and securities. this conference deals with financial institutions that do domestic business ; in march this year we held a conference for financial institutions in our international financial centre, and that is also intended to be an annual event. since last year we have taken important steps to further strengthen financial oversight, and to increase the efficiency of the delivery of financial services. the most important of these was the establishment of the fsc, with responsibility for the supervision of non deposit takers. the fsc is in the process of recruiting staff and setting up systems, and central bank is lending its expertise wherever we can be helpful. this morning you will hear more about its activities from the fsc themselves. we have also been strengthening cooperation with banks which have domestic retail operations, through regular quarterly meetings, as well as ad hoc meetings when we need to make policy changes, such as the change in our foreign exchange margins. we are constantly strengthening cooperation with canadian and other overseas regulators, with the bank of canada and with the head offices of banks operating in barbados. we do consolidated supervision of all the operations of multinational banks, together with the regulators of all the countries in which these banks operate, through a variety of channels and mechanisms, including collective overview by the regulators and discussion with the banks in meetings which have come to be known as “ colleges ”. regulators also arrange conference calls and have informal contact, as well as more formal arrangements such as information - sharing memoranda of understanding. two weeks ago i led a team of my colleagues on a most successful visit to toronto and ottawa, where we had discussions with the major canadian banks, including those active in our international financial centre, with the office of supervisor of financial institutions ( osfi ), the bank of canada and the financial institutions supervisory committee, which also includes their deposit insurance corporation, their consumer protection agency and