The observance of those criteria was, from the outset, considered as a necessary condition to ensure the credibility of the single European currency and as a prerequisite for individual countries to join the EMU. On the contrary, in the CFA Zone, those criteria were introduced afterwards. This does not mean that they are superfluous, far from it.
I understand Mr. Narasimhan will be leaving our shores in the not too distant future. We are of course saddened by this, given his tremendous contribution to our financial inclusion cause. We of course recognize that this is a necessary career path move and we wish him only the very best in his future endeavours.