Yet few patriots did more than he [did] to make friends for the Indian nation and to build confidence in that nation among those throughout the world whose business it is to provide capital for sound investment opportunities.” In all humility, to emulate A. D. Shroff’s freedom to criticize policy “actuated by the single motive of trying to promote the good of my country” (from his letter to Sir Osborne Smith, the first Governor of the Reserve Bank), I chose for today’s occasion the theme of the importance of independent regulatory institutions, and in particular, that of a central bank that is independent from an over-arching reach of the state.
BIS central bankers’ speeches  3  One solution to this, at least for countries that participate in the SSM, is the creation of the Single Resolution Mechanism (SRM) to centralise resolution decision-making. The Commission recently released its proposal for such a mechanism based on Art. 114 TFEU, and the ECB supports the main elements of this proposal.