Here I hesitate; after all, macro-prudential supervision is the primary responsibility of central banks. This brings me to the choice for the ECB president as chairman of the Risk Council. Noneuro area EU countries have opposed this, as it would exclude the possibility that one of their  2  BIS Review 59/2009  representatives would chair the Risk Council.
Historical evidence shows that economic development and social development are strongly correlated with the causation possibly running both ways. In recent years, the Government has stepped up expenditure on education, health and nutrition, revamped social sector programmes and tried to improve the delivery systems. 38. Among the many lacunae of our social sector programmes is that we continue to emphasize outputs and not outcomes.