structures by implementing the tapan ray committee recommendations relating to core investment companies ( cics ). a framework for scale based regulation of nbfcs has been announced on october 22, 2021. conclusion 25. with globalization and increasing complexity of the financial system, audit as a public good has become vital for a sound, stable and vibrant financial system. auditors need to update and upgrade skills on constant basis and perform their task in the most effective manner. the profile of tomorrow ’ s auditor will be that of a critical yet constructive challenger, with a clear focus on public interest and quality audits. in essence, there is need to be even more professional, qualified, impartial, value driven, ethical and also display awareness and foresight. 26. i am sure all of you will act as torch bearers of the supreme legacy of the civil service and the institution of cag and uphold the principles of accountability, transparency, integrity and equity which are essential features of a good public servant, by imbibing the motto of the national academy of audit and accounts – ( commitment to truth for public good ). 5 / 6 bis central bankers'speeches 27. with this, i conclude and wish you all a very fulfilling career in the indian audit and accounts service. www. nationalarchives. gov. uk / help - with - your - research / research - guides / medieval - financial - records - pipe - rolls1130 - 1300 / report on findings and recommendations of the committee on experts on regulating audit firms and network, october 2018, ministry of corporate affairs 3 kautilya's arthashastra translated into english by r. shamasastry 4 the institute of internal auditors ( january 2012 ), supplemental guidance : the role of auditing in public sector governance 6 / 6 bis central bankers'speeches

this point, i would like to refer to the empirical findings from a recent study2 at the bank of greece on the drivers and spillover effects of inflation. the study assesses what factors underpinned inflation in 2020, 2021 and the first four months of 2022 in the euro area, the u. s. and the u. k. the study examined the effects of various demand factors, including fiscal and monetary policies, exchange rates, and supply constraints, on inflation. the results confirm that supply factors were the dominant cause underlying the increase in inflation in the euro area, whereas the exchange rate depreciations had a less significant impact. the global supply chain pressure index, a recently constructed index by the federal reserve bank of new york, has been found to have caused the price level to rise by 9. 5 percentage points. money supply ( m3 ) growth and oil prices each caused the price level to rise by 0. 4 percentage point, the exchange rate depreciation against the dollar caused the price level to rise by a mere 0. 14 percentage point. at this point, allow me to remind you that the ecb, similar to most major central banks across the world, takes into consideration, but does not target, the exchange rate of its domestic currency. still, monetary policy can affect the pass - through of the exchange rate to inflation. this channel works as follows. an exchange rate depreciation operates by impacting wages and other costs, changes which in turn may be passed on to prices. but whether a currency depreciation actually affects wages depends to a large extent on the credibility of the central bank. which brings me to the second part of the question. 5 / 7 bis - central bankers'speeches if wage earners believe that the central bank will accommodate increases in prices and therefore also in wages, they will press ahead for higher wages, and there will be what economists call cost - push inflation. if, however, the central bank has established a reputation of credibility, such secondround effects are much less likely to occur. this has been the case with the euro area. second - round effects on wages stemming from both the cost rises due to supply bottlenecks and the depreciation of the euro have been contained. for instance, the growth of negotiated wages ( excluding one - off payments ) was 2. 1 % in the second quarter of 2022 compared to 1. 5 % in the third quarter of 2021. moreover, despite such modest increases