This directive is now in the phase of transposition into national laws and what I hear this progresses well in the different countries. A heated debate takes place about the issue of Multilateral Balancing Fees. Last week the European Commission announced its position and issued a joint communication with the ECB. But is this the clarity on this matter that banks have asked for?
Y V Reddy: Globalisation and monetary policy – some emerging issues Inaugural address by Dr Y V Reddy, Governor of the Reserve Bank of India, at the conference on “Advances in Open Economy Macroeconomics”, organised by the Center for Economics and Development, Northwestern University, USA and the Indira Gandhi Institute of Development Research, Mumbai, 19 March 2007.