Let me now turn to the global dimension of EMU. Financial institutions, in particular from the United States, Canada and Great Britain, are increasingly benefiting from the greater size and liquidity of an integrated euro bond market. In addition to this financial market perspective, the euro contributes to global monetary and financial stability.
The RBI’s state-of-the-art payments system will support technology, even as the RBI strengthens its cyber-supervision and cyber-security. We also need deep markets to absorb risks that stay too often in banks or in corporations. Here too our track record has been strong.