*  *  *  The speaker acknowledges the valuable contributions of Shri. Himanshu Joshi, Ms. Rakhe Balachandran, Shri. Prakash Baliga and Shri. Surajit Bose. Distinguished members of faculty and students. IIT, Kharagpur is one of the very few educational institutes of India which has a strong linkage to our struggle for Independence and our vision for the future India.
Since monetary policy is implemented through the financial system, this system should be as efficient as possible in order to guarantee the smooth and effective transmission of monetary policy throughout the euro area. The degree of financial integration is therefore important in determining how effectively this transmission will work in practice.