This is the seventh such facility of the IMF Institute in the world. A former Governor of the Reserve Bank and at present the Prime Minister, Professor Manmohan Singh, inaugurated the upgradation of the 50 year old Bankers’ Training College into a Centre for Advanced Financial Learning, when he visited the Reserve Bank recently.
Looking ahead, it will be important that budgetary targets for 2002 be set in such a way that budgetary positions close to balance or in surplus are either maintained or can be reached within the time frame set by the existing stability programmes. Indeed, a medium to long-term orientation is essential for the conduct of fiscal policies in all euro area countries.