world, still exists. when a national currency is used in pricing primary commodities, trade settlements and is adopted as a reserve currency globally, efforts of the monetary authority issuing such a currency to address its economic imbalances by adjusting exchange rate would be made in vain, as its currency serves as a benchmark for many other currencies. while benefiting from a widely accepted reserve currency, the globalization also suffers from the flaws of such a system. the frequency and increasing intensity of financial crises following the collapse of the bretton woods system suggests the costs of such a system to the world may have exceeded its benefits. the price is becoming increasingly higher, not only for the users, but also for the issuers of the reserve currencies. although crisis may not necessarily be an intended result of the issuing authorities, it is an inevitable outcome of the institutional flaws. ii. the desirable goal of reforming the international monetary system, therefore, is to create an international reserve currency that is disconnected from individual nations and is able to remain stable in the long run, thus removing the inherent deficiencies caused by using credit - based national currencies. 1. though the super - sovereign reserve currency has long since been proposed, yet no substantive progress has been achieved to date. back in the 1940s, keynes had already proposed to introduce an international currency unit named “ bancor ”, based on the value of 30 representative commodities. unfortunately, the proposal was not accepted. the collapse of the bretton woods system, which was based on the white approach, indicates that the keynesian approach may have been more farsighted. the imf also created the sdr in 1969, when the defects of the bretton woods system initially emerged, to mitigate the inherent risks sovereign reserve currencies caused. yet, the role of the sdr has not been put into full play due to limitations on its allocation and the scope of its uses. however, it serves as the light in the tunnel for the reform of the international monetary system. 2. a super - sovereign reserve currency not only eliminates the inherent risks of creditbased sovereign currency, but also makes it possible to manage global liquidity. a super - sovereign reserve currency managed by a global institution could be used to both create and control the global liquidity. and when a country ’ s currency is no longer used as the yardstick for global trade and as the benchmark for other currencies, the exchange rate policy of the country would be

are going to require, we are faced with a fight for talent. before that, we have a fight for manpower itself. we are living in a knowledge age and our workforce will predominantly comprise of knowledge workers. from the time when people were just expected to know how to do work – to people who were expected to know what they are doing – we have now come to an age when to be a knowledge worker he or she must not only know how and what of the work but also why he / she is doing that. in a knowledge age and in a knowledge society, it is not only the banks that will need knowledge workers – every organisation will need knowledge workers and, therefore, there is a fight for talent. 15. how do we get to acquiring people with the right kind of talent? unfortunately, it is the same limited talent pool that will be targetted by banks, fis, insurance and telecom and other industries which are on fast growth track and in need of talented manpower. while my friends in the banking industry are busy developing “ on - line ” application forms and “ on - line ” tests, we need to probably question if we are even targetting the right kind of talent pool. i would like to have a study on how many people in remote villages, at the taluka / tehsil level, appear for the recruitment tests that are conducted. because these might be the people who could drive our financial inclusion agenda. bis central bankers ’ speeches 16. currently in the psbs, talent acquisition at the base level is only a small part of the overall crunch. as per estimates, close to 1, 00, 000 employees of public sector banks will be retiring by 2015. these are seasoned, experienced people of whom around 7 % would be in executive grade. replenishment at leadership positions is also a major requirement and in public sector banks, we have eds and cmds even for one or two years. we need a larger pool of leaders to work as general managers, executive directors and cmds of banks. are there enough people within the psb system with necessary talent and requisite experience to fill up these positions? did we spot and nurture say, a pool of 200 or 500 people who would fill these positions? on the contrary, we keep hearing that experienced, senior people leave psbs for greener pastures. while at lower levels, programmes can be developed for equipping the recruits with the right kind of skills, it would be challenging to get leaders. if there