is to be followed by invitation of and consideration of inputs and feedback from relevant public and private sector organizations to enhance the sense of involvement and to build confidence. such a participative and consultative approach is advocated to secure a convergence of viewpoints and, hence, favorable public disposition towards the necessity of change. in sum, the process in india is an exercise that aims at understanding and comprehending various standards and codes in terms of rationale, technical complexities, institutional and legal requirements and the immediacy and relevance at the present stage of development and institutional structure. second, it is intended to result in getting a fair view of the country ’ s status with reference to standards. third, this would enable getting an idea about the necessary steps required to move closer to the adherence of standards and codes. fourthly, it would sensitise the regulatory authorities, agencies and institutions about the priority areas of action. conclusion in conclusion, i would like to quote andrew crockett from a recent imf - world bank jointly sponsored conference on international standards and codes ( march 2001 ) : " therefore, although setting high - quality standards is generally acknowledged to be a good thing, more work needs to be done on finding the best way to get there. " thank you.

23. 05. 2018 “ strengthening the economic governance of the euro : short - term priorities and the long - term view ” high level seminar. banco de espana luis m. linde governor ladies and gentlemen, let me first extend a warm welcome to you all to the banco de espana. thank you for joining us today in this seminar that addresses the pressing and very important topic of the economic governance of the euro : short - term priorities and the long - term view. i would like to thank the panelists who have been so kind to accept our invitation ; we are very pleased to have among us a long list of distinguished participants that would certainly throw much welcomed light on the discussion. the timing of this conference is particularly relevant. after years of low growth, europe is now experiencing a robust recovery which opens up a window of opportunity to make progress in the governance reform agenda before the next economic downturn unfolds. supported by expansionary monetary policy, real gdp in the euro area has expanded for 19 quarters in a row. stronger price dynamics are yet to materialize, but we are confident that if we are prudent, patient and persistent, our monetary policy measures will be effective in achieving the medium - term goals. price stability is a necessary but not a sufficient condition for achieving sustained and balanced growth. in fact, one important lesson we can draw from the first twenty years of the emu is the need to improve the area ’ s resilience to large macroeconomic shocks and to increase its stabilization capacity. in this context, we currently find ourselves at a crossroads in what refers to the pace of the governance reform agenda. despite evident progress since the peak of the crisis, the building of a more cohesive monetary union, as proposed in the van rompuy ’ s report of june 2012 ( the so - called four presidents ’ report ) and in the juncker ’ s report of june 2015 ( the so - called five presidents ’ report ), is, we all know that, a very difficult task. as a matter of fact, there has been no significant step forward since the establishment of the single resolution fund in june 2014. recently, several initiatives have attempted to re - launch the debate on the future of euro area ’ s governance, including, in december 2017, the european commission ’ s report on “ further steps towards completing europe's economic and monetary union : a roadmap ”, or, in january of the present year, the center for economic policy research