I am very grateful to the Banque de France and The Conference Board for joining forces with us to convene this conference. We share a common interest in learning more about the mechanisms that promote the creation of economic and corporate wealth in Europe, and we all hope to learn a lot from this event. I wish you all a fruitful discussion.
This assumes central relevance because by that time, the RBI had already acted on conventional instruments to the extent practicable, and had embarked on unconventional ones, including asymmetrically widening the policy interest rate corridor and balance sheet policies, i.e., expansion of its own balance sheet to infuse liquidity into the system.