Generating sustainable economic growth through increased financial inclusion has, of late, become the central mantra of the regulators and policy makers, not only in India, but across the globe. But, how far have we succeeded in our efforts?
In my view, independence does not at all conflict with the requirements of democracy as long as the European Central Bank abides by its mandate. Of course, adequate transparency of its decisions in the sense of explaining them to the general public and stating the reasons for them, is important.