Enactment of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act, 2002 has helped in improving the recovery climate in the country. The Government amended the relevant provisions of the Act to address the concerns expressed by the Supreme Court regarding a fair deal to borrowers through an ordinance dated November 11, 2004.
*  *  *  Ladies and gentlemen, It is a great pleasure to be here today. The crisis has made it clear that a highly interconnected and integrated area such as the euro area, and a genuine Economic and Monetary Union needed a stronger institutional framework.