it is also now abundantly clear that the world must collectively approach the present unprecedented threat. already, the integrated actions of several governments and central banks, by virtue of the successes achieved so far, have proved this point. but there is a lot more to be done. in that endeavour, the consolidation of the thoughts and ideas of academics, activists, practitioners, regulators, and policy makers at fora such as the one you have so efficiently organized, would undoubtedly enrich this process and policy debate. these in turn, will surely accelerate the global recovery. mr. chairman, in good times, we normally take the stability and integrity of our systems for granted. perhaps one of the key lessons from the current crisis is that we should never, ever, take stability and integrity as being “ given ” conditions, in the future. but, let ’ s remember that memories are short. this global crisis will almost certainly be forgotten in a few years time. it is also likely that if we enjoy a strong run of growth and prosperity for a few years, our minds too will probably dismiss thoughts of destability. today ’ s grim discussions would then be relegated to the drab background, and in its place, the glitz and glamour of fast growth, handsome profits, stunning incentives, and fabulous wealth would reign supreme. unfortunately, mr. chairman, if and when that happens, the world would unconsciously drift into the danger zone yet again. needless to say, if we do not want such an eventuality to take place, the price would be intense vigilance on the part of the regulators, governments, media and the academia. i know that is going to be tough, but in the interest of all stakeholders, i sincerely hope it works and that the academia, governments, media and regulators would face up to that challenge. may i therefore, at the concluding session of this important symposium at the historic university of cambridge make an appeal to the global financial community to continue to keep the events of 2007 / 2009 fresh in mind, continue to protect and improve our systems, and continue to build sustainable frameworks to deliver prosperity to the people of the world. thank you.

sub prime crisis, these funds have injected significant amounts of long term funds to the large ailing institutions to resurrect them or to prevent them from continuing with poor financial health. in that sense, the sovereign funds have acted as an immensely useful stabilizing force during the financial crisis. however, the injection of such funds has been received with mixed feelings in the geo - political context. i would think the debate on this development is just beginning and it would be useful for all of us to carefully watch the movement of this issue in time to come. another important development in reserve management is the extensive use of external fund managers. external fund managers are being increasingly engaged by central banks, as many central banks are yet to acquire the technical skills and competencies required to manage the new asset classes that are developing in these dynamic market conditions. i would think this factor too, would be one that we would have to give a lot of attention in the future, and as to how we make use of such expertise without compromising central banks ’ core objectives, would be a challenge for all of us. 6. my dear friends, given the importance of reserve management, it is timely to organize a seminar on this subject. when reading through your program, i realized that the organizers and the resource persons have done remarkably well in selecting the topics to be covered. in my view, the topics and presentations are just the right blend that a reserve manager would wish to focus on, in this day and age. finally, let me take this opportunity to sincerely thank the resource persons who have accepted our invitation to share their knowledge and experiences on various subjects relating to reserve management, the central banks of our member countries for showing high interest in this program, our own cbs for organizing this event, and i wish that all of us could benefit significantly from the program. i wish this seminar all success.