These changes are meant to make the institution and its key officers more agile and resilient, 3/4  BIS central bankers' speeches  ready too – as individuals and as an organization – to navigate the future.
The reforms in the 1990’s in India and elsewhere were facilitated by the dismantling of the Soviet Russia and the Eastern Bloc countries and triumph of the free market over central planning and control. 10. A critical component of the reform process was introduction of flexible exchange rate.