complaint that is not satisfactorily addressed should be a cause of concern and must invite a detailed root cause analysis. it would do well to remember that like the batsman on the cricket field, you are only as good as the last ball faced. 20. we must together make sure that no one in the country is left behind in the digital payments journey. under reserve bank's payments vision 2025, we stand committed to the core theme of'e - payments for everyone, everywhere, everytime'( 4es ). we must seize every opportunity to internationalise our payment products. this will open up a new world of opportunities for our country. this is the year of indian presidency of the g20. let us present the india story to the global audience. let us work together ; let us innovate together. this pso conference will provide ample opportunities to deliberate on all these issues. with your active participation, i am sure we will achieve more and stride forward with greater conviction and responsibility. my best wishes to all the participants. thank you. 1 source : telecom subscription data as on 31st december, 2022 ( https : / / www. trai. gov. in / sites / default / files / pr _ no. 13of2023 _ 0. pdf ) 2, 3 source : rbi website ( payment system indicators ) 4 source : rbi website 5 source : https : / / pmjdy. gov. in / home 5 / 5 bis - central bankers'speeches

monetary policy must reconsider rebalancing and carefully re - examine all the options, given how the balance of risks has significantly shifted toward growth and away from inflation. we are therefore faced with three key questions. first, how will the euro crisis play out? second, can thailand grow through the euro crisis? and third, what should monetary policy do? let me now turn to the first question. how will the euro crisis play out? in my view, the short answer is this. the euro zone will mostly likely remain intact and avoid a liquidity seizure similar to the one seen during the lehman crisis. however, the euro zone will face a slow and difficult recovery. let me qualify my view by saying that the reality is much more complicated. so let me go quickly over some salient details of the euro crisis and its current impact on asia. a great deal of uncertainty, much of it induced by lack of policy clarity, surrounds the euro crisis. this is reflected by how global fx markets have been in turmoil as investors fled euro and asian emerging markets assets for safe havens. the thai baht was not spared from this turbulence and experienced high volatility and bouts of weakening pressure. however, investors eventually returned to emerging markets in asia as yields in advanced economies moved lower and asian fundamentals improved amid slowing inflation pressure. in thailand, government bonds, in particular, have proven attractive. in fact, foreign participation in both bond and equity is now above pre - lehman levels. however for equity, the rate of return was bis central bankers ’ speeches slow of late ; net inflows were negative last year but are now slightly positive for the second half of this year. amid all this turbulence, all this back - and - forth, the baht fluctuated in tandem, first depreciating in the first quarter of the year up until july and then appreciating somewhat. this trend was punctuated by bouts of volatility each time euro policy faced implementation difficulties once push comes to shove and member nations have to make the difficult tradeoff between national interests and supra - national interests. but back to the question of how the euro crisis will play out. no doubt the drama of policy uncertainty will continue. but what will be the end - game? broadly speaking, we envision two scenarios : an extreme scenario and a baseline scenario. in the extreme scenario, prolonged political gridlock over policy leads to a liquidity seizure. failure to ratify the