I have great pleasure in welcoming all our invitees – colleague governors of central banks, leading international and domestic policy makers and experts – to this conference, the first international conference being organized by the Reserve Bank. I want to specially acknowledge noted economist and Nobel Laureate Prof. Michael Spence who will be delivering the keynote address in a short while. 3.
These changes in supervision and regulation, along with the enhancement of resolution mechanisms for financial institutions, have made the financial system more resilient and lessened the probability that a lender of last resort will be needed to deal with financial stresses in the future.