validate our view of high growth in 2003 - 04. the impressive real gdp growth of 8. 4 per cent in the second quarter places us firmly amongst the fastest growing economies in the world during the current year. more importantly, the second quarter estimates show that buoyancy has been spread across most sectors of the economy and is not confined merely to agriculture, which still accounts for most of the rebound. the manufacturing sector has recorded a significant growth of 7. 3 per cent in the second quarter of 2003 - 04, continuing the sustained acceleration from the low of 2. 9 per cent growth registered in first quarter of 2001. the improved prospects for real activity globally should add strength to the upward momentum in growth. on balance, therefore, there is room at this juncture for greater optimism in growth prospects than before. it is reasonable to expect that unless there are unforeseen circumstances, the overall gdp growth for the year 2003 - 04 as a whole, which was estimated at 6. 0 per cent at the beginning of the year and 6. 5 - 7. 0 per cent in november is, on latest assessment, likely to be higher and around 7. 0 per cent with a continued upward bias. inflation is the other key parameter that is taken into account in monetary policy formulation and it is measured primarily in terms of variation in the wholesale price index ( on a point to point basis ). the mid - term review had placed the inflation projections for policy purposes in the range of 4. 0 per cent to 4. 5 per cent with a possible downward bias. it was also mentioned that the rbi would continue to closely monitor the price behaviour leaving no room for complacency on the inflation front. as you are aware, the annual rate of inflation was 6. 7 per cent at the time the april policy projections were made and it continued in the range of 6. 3 - 6. 9 per cent for nearly two months thereafter. it, however, declined to around 4. 0 per cent in august, before climbing back to 5. 0 per cent or more since september 20, 2003. inflation rate has risen further since the mid - term policy on november 3, 2003 and as on december 20, 2003, the point - to - point inflation rate was 5. 6 per cent. the inflation trends in the last two months have not been unexpected but, the magnitude of price rise has been above the original expectations. the increase in inflation in the last two months appears to be mainly on

andreas dombret : greener finance – better finance? how green should the financial world be? speech by dr andreas dombret, member of the executive board of the deutsche bundesbank, at the bundesbank symposium " banking supervision in dialogue ", frankfurt / main, 7 march 2018. * * * 1 introduction ladies and gentlemen may i wish you a very warm welcome to our bundesbank symposium entitled " banking supervision in dialogue ". i am delighted to have the honour to open this, the 20th event of its kind. some of you might be wondering what has become of the good old bundesbank symposium on its 20th anniversary. have we really come here to talk about greenhouse gases, melting polar ice caps and dying species rather than credit risk, own funds and the banking union? has the bundesbank adopted a " devil may care " attitude? on the contrary, ladies and gentlemen. you see, over the past 20 years the bundesbank symposium has always made a point of discussing topics which drive the financial community. and i would like to use the last such symposium during my term of office at the bundesbank to shed light on a matter which is – quite literally – of existential importance : climate change and the role of the financial community. it ’ s a topic which is becoming increasingly palpable, not least since the paris climate agreement, which was endorsed back in 2015 and has since been ratified by nearly every country in the world. this global commitment to take action to curb climate change was the culmination of decades of effort and an achievement which many thought was scarcely possible. the global accord was presaged by the sobering and devastating realisation that climate change is manmade and can only be mitigated if all of humanity works together. successful though the agreement may have been, the true significance of the un climate conference in paris has not yet dawned on everyone, it would appear. for most people, it is still nothing more than an abstract arrangement to keep global warming below 2 degrees celsius compared with pre - industrial levels and to pursue efforts to limit the temperature increase even further. but there ’ s one thing we all need to be aware of : if the global community is even half - way committed to hitting the ambitious target of 2 degrees celsius, there will need to be some farreaching changes to the economic systems as we know them. and as for the time frame, the later we get started, the