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The Rise of Asia – Implications for the Global Economy∗
The Honourable Vice-President of Mauritius, Honourable Ministers, Respected Governor
Rundheersing Bheenick, Mr. Googoolye, Dr. Khadaroo, Directors of the Board of the Bank of
Mauritius and distinguished friends.
It is a great honour and privilege to be invited to deliver a Memorial Lecture on the
occasion of the 40th Anniversary Celebrations of the Bank of Mauritius. The invitation is yet
another demonstration of not only the close ties between India and Mauritius but also between the
two central banks, which have a mutually beneficial and very special relationship. I am personally
grateful to Governor Bheenick for giving me the opportunity to be here with you.
The Honourable Prime Minister, Dr. Navinchandra Ramgoolam, in his address on August
24, 2007, to commemorate the 40th anniversary celebrations of the Bank of Mauritius, paid rich
tributes to the Bank. He specifically referred to the effort and dedication that have gone into
making the Bank “a successful and well respected institution”. I would amplify that the Bank has
become a globally well respected institution and we, in the Reserve Bank, have got great trust
and confidence in our counterpart in Mauritius.
The Bank for International Settlements, Basel, Switzerland, (BIS) in its Review 99/2007,
carried Governor Bheenick’s address on the same occasion on August 24, 2007 which is titled
“Escaping the fate of Dodo”. It is a brilliant exposition of not only the evolution and the successful
adaptation of the Bank of Mauritius to the changing circumstances, but also on the theory and
practice of central banking. On the tasks ahead, Governor Bheenick mentioned that “this Central
Bank needs to achieve this transition from being the Bank of Mauritius to being the Bank for
Mauritians; the Bank of the people. We must make the sound financial choices for every family,
the easy choices”. We, in the Reserve Bank of India, have recently set...