Although fundamental to the System, the notion of joint responsibility allows for institutional flexibility when it comes to the effectiveness of monetary policy – as this clearly lies at the heart of monetary union. Let me first of all emphasise that the present size (18 members) of the Governing Council has never been a stumbling block for effective, and where necessary, rapid decision-making.
While Nepal had received satisfactory rating in our last mutual evaluation in 2014 by APG, after the various efforts and reforms in respective sectors since the second mutual evaluation 2010, we have to do a lot for upcoming evaluation in 2020 which will be based on a more holistic methodology where greater focus will be on the effectiveness of our implementation.