two games over the past year – the directorate communications, which is responsible for the project, ecco members, experts from dg economics and dg market operations, the language and software specialists. let me now officially launch the games [ by sending a tweet on twitter and pushing a button to link of the game on the ecb ’ s website ]. now it ’ s my pleasure to hand over the certificates and prizes. in equal 4th place are the european school of frankfurt and the isf international school frankfurt [ hands over the certificates ] in third place is lycee francais victor hugo [ hands over the certificates and prizes ] in second place is friedrich - dessauer gymnasium [ hands over the certificates and prizes ] and the winner is liebigschule [ hands over the certificates and prizes ] congratulations!

bis central bankers ’ speeches the current account also comes under stress as is evident in the present context. going forward, since india ’ s linkage with the world economy, in terms of trade and finance, is likely to grow further, it is important that resilience in its trade account is built up mainly by promoting productivity based export competitiveness and improving domestic fundamentals that are supportive of least costly non - debt creating flows, particularly foreign direct investment ( fdi ). in this context, i make a few suggestions. first, the current level of cad is far above the level sustainable for india. as per estimates, at a nominal growth rate of about 13 per cent, the sustainable current account to gdp ratio is 2. 3 per cent ( rangarajan, 2012 ). 5 reserve bank ’ s own research shows that economy can sustain cad of about 2. 5 per cent of gdp under a scenario of slower growth ( rbi, 2012 ). 6 a slowing global economy and protracted high levels of unemployment in advanced economies make it difficult to boost services exports in the short run. if the slowdown continues, it could also have an adverse impact on inward remittances. hence, there is a need to reduce imports and boost merchandise exports to bring the cad to sustainable levels. second, structural policy measures are needed to reduce vulnerability emanating from high oil and gold imports. while oil has been a major component of india ’ s imports, the sharp increase in demand for gold has put an additional pressure. during 2008 – 09 to 2011 – 12, on average, the net gold imports stood at about 2 per cent of gdp, almost double the level recorded during 2004 – 05 to 2007 – 08. thus, during the same period, cad - gdp ratio, excluding net gold imports, would seem less problematic at 1. 1 per cent as compared to a surplus of 0. 2 per cent. in addition to the traditional motive of gold demand for jewellery, gold seems to have become a safe investment asset and a hedge against inflation as is observed in other advanced economies. its dematerialisation like any other financial product can rangarajan, c. ( 2012 ), “ india ’ s external sector : do we need to worry ”, ecgc business commencement commemorative lecture at export credit guarantee corporation of india ltd., mumbai on october 3. reserve bank of india ( 2012 ), annual report, 2011 – 12. bis central bankers ’ speeches reduce its physical imports ( gokar