Finally, I addressed five major challenges that the world, India included, will need to address on the way forward. The more we study and analyze financial stability, the clearer it becomes that preserving and strengthening financial stability is a complex challenge.
In the context of the Outright Monetary Transactions, the European Court of Justice has said it is not, and I rely on the Court’s judgement on what is compliant with the EU Treaty and what isn’t. As long as we don’t buy on the primary market and we don’t set the price, it’s not monetary financing.