This will be followed by discussion of the efforts that are further required in this direction. Thereafter, I would present the Indian perspective on global imbalances against the backdrop of the strength and resilience of the Indian economy exhibited in the recent years. I.
I would like to quote here Professor Charles Goodhart (2000): “I doubt whether the pressures to establish a unified supervisory agency are quite as strong in most developing countries.” He adds: “For such reasons, I do not believe that the case for separation,  BIS Review 40/2004  1  which has become stronger in the developed countries, should be transposed also to the developing countries.” I hope the views of Professor Goodhart in this regard, since he made the above comments at a memorial lecture in RBI, have not changed over the past three-four years.