As the objective of this conclave is to explore the various implications of the new bank licensing, I will look forward to your views. There could be different perspectives. 45. I once again thank NIBM for providing me an opportunity to share my thoughts on the subject and wish meaningful deliberations in this conclave. Thank you. BIS central bankers’ speeches  11
In turn, a stable financial system is unthinkable without monetary stability, which is a necessary, albeit not sufficient prerequisite for financial stability. All these more general aspects of the relationship between globalisation and monetary policy I have mentioned are important factors for the appropriate calibration of the monetary policy stance at the current juncture.