Assistance of Michael Patra, Janak Raj, Dhritidyuti Bose, Binod B. Bhoi and Muneesh Kapur in preparing the speech is gratefully acknowledged. *  *  *  I deem it a real privilege to visit the Institute of Economic Growth to deliver the keynote address at this prestigious conference on growth and macroeconomic issues and challenges in India.
It seems to be widely recognized therefore that these bankruptcies were basically caused by factors at the level of individual institutions. 7  The downside risks to the U.S. economy that I explained, if they were to materialize, could have a significant impact on Japan's economy. It is therefore imperative that the Bank carefully monitor the course of developments, including financial conditions. II.