main roles for the eurosystem in this regard : first, as an operator, to ensure that we provide the right services for the settlement of payments and securities ; second, as a catalyst, to facilitate standardisation and interoperability ; and third, as an overseer and supervisor, to safeguard financial stability and ensure a level playing field. some of you may say that there is another challenge, namely the need to cope with the many changes in the regulatory framework. while i fully agree that we should provide stable framing conditions in terms of regulatory certainty, we should not forget where we have come from : the transition from the “ old normal ” to the “ new normal ” was accompanied by the biggest bail - out in history, costing european taxpayers almost two trillion euros. 3 in response, the european union ( eu ) has strengthened and harmonised the regulatory framework with the single rulebook and by introducing a paradigm shift from “ bail - out ” to “ bail - in ”. in the euro area, we went even further with the establishment of the banking union. the banking union was a game - changer in the crisis as a way to weaken the banksovereign nexus. it was also an unprecedented step towards deeper integration of europe ’ s banking sector. the single supervisory mechanism ( ssm ) is the basis for independent, tough but appropriate supervision across the banking union. it is also an open project where non - euro area member states can join through close cooperation. speech by yves mersch : distributed ledger technology – panacea or flash in the pan?, 25 april 2016. around 5 trillion euros of aid ( including state guarantees ) have been approved by the commission between 2007 and 2015 of which 1. 7 trillion were used at the peak of the crisis. state aid scoreboard 2015 > aid in the context of the financial and economic crisis. bis central bankers ’ speeches deposit insurance and effective resolution tools it is important in the “ new normal ” not only to strengthen regulation and supervision but also to establish a framework in which it is possible for banks to fail without challenging the stability of the whole financial sector. here the frameworks for resolution and deposit insurance are central. at the eu level, beyond the establishment of the single resolution mechanism, the directive on deposit guarantee schemes has already harmonised important provisions in deposit insurance, such as the coverage level and the payout period, and thus strengthened depositor protection. but ultimately we have to go further in the banking union to ensure that depositors

rundheersing bheenick : review of the year gone by and reflections on the present and future outlook statement by mr rundheersing bheenick, governor of the bank of mauritius, port louis, 8 october 2012. * * * this year, the bank celebrates its 45th year in the service of the country, which itself prepares to celebrate the 45th anniversary of its accession to independence in march 2013. looking back over these eventful 45 years, i can see a country that has radically transformed itself and its economy, with the bank of mauritius ( bom ) having continuously reinvented itself to be part of this change process. at the bank ’ s foundation in 1967, there was one major industry, sugar. today, the economy is well - diversified, with many pillars of growth. we have lived through times when the import cover was less than a week, unemployment hovered around 20 per cent, and our countrymen were emigrating in large numbers in search of jobs, and inflation reached 42 per cent. today, our reserves represent 5 months of import cover ; we have an unemployment rate of around 8 per cent, with 23, 000 migrant workers in our country ; inflation has declined to less than 5 per cent today. at the time of independence, the rupee was tied to the british pound at a fixed parity under the “ sterling exchange standard ”. it was then pegged, first to the imf ’ s special drawing rights, and subsequently to a basket of currencies reflecting the trade pattern of the country, before moving to a floating regime. prior to the late 1980 ’ s, monetary policy was implemented through reserve requirements, ceilings on commercial bank credit and administered interest rates. today, after a free float for nearly two years, we have a managed float, with bom interventions limited to smoothing excess volatility of the rupee and, since june 2012, also combating unwarranted currency appreciation. the monetary policy committee ( mpc ), set up in 2007, formulates and determines our hybrid inflation - targeting monetary policy. our financial sector was underdeveloped at the time of independence when we had only five banks. today, our banking sector has 21 banks and 216 bank branches, eight non - bank deposit taking institutions, ten money - changers and six foreign exchange dealers. we now have a radically different financial landscape, with parallel changes in the supervisory, regulatory and oversight functions of the bank of mauritius. let me come back to