inter - national rather than transnational or supranational. in other words, global governance is still in essence the globalization of national governance5. it crucially depends on the ability of sovereign nations to find consensual solutions to the common challenges they face and on their willingness to stick to their agreements. within the g20, for instance, advanced economies cannot be forced to implement the commitments they made at the toronto summit of 2010 to halve fiscal deficits by this year and stabilise debt ratios by 2016, if they are reluctant to do so. nor can emerging market economies be forced to move more rapidly towards market - based exchange rates. even in global trade relations, which are policed by wto rules, the preferred solution in case of disputes is not to resort to the wto ’ s system of dispute settlement, but for the countries concerned to discuss their problems and settle disputes by themselves. 6 see h. kissinger ( 1994 ), diplomacy, simon & schuster. see the speech by p. lamy entitled “ global governance requires localising global issues ”, oxford, 8 march 2012. see h. horn, l. johannesson and p. mavroidis ( 2011 ), “ the wto dispute settlement system 1995 – 2010 : some descriptive statistics ”, ifn working paper no. 891. bis central bankers ’ speeches for many years, even centuries, the westphalian principles seemed to provide a stable system as power – meaning the ability to get things done – and politics – meaning the ability to decide which things need to be done – were conjoined in the institutions of the nation - state. global stability was guaranteed insofar as global policy making was steered by one global leader, or hegemon, such as the us for the largest part of the 20th century. then, from the 1970s the world ’ s leading industrialised economies became increasingly associated to the management of global economic and monetary affairs through the g7. this gathering has been based on common interests and values, such as democracy, the market economy and floating exchange rates. the 2008 global financial and economic crisis has sent a large shock wave through this traditional system, however, for two main reasons. first, it has accelerated the rise of the “ rest ” relative to the “ west ”, to paraphrase samuel huttington. its impact was felt most strongly in advanced economies, while emerging economies – barring central and eastern europe – have remained less affected.

inadequate. as the government has to play an important role in ensuring primary education and health care as well as supporting secondary and tertiary education, there is a need to prioritise resources on these heads as these have strong externalities. • keeping in view the burden of human resource development on the state and its reduced capacity to generate required resources, there is greater need for public - private partnership in expanding the facilities for augmenting critical mass of skilled workforce to respond to increasing demand to adapt to new technology in all areas of production whether industry or agriculture. as the distinguished participants present here are aware that in the reserve bank of india ( rbi ) we have engaged ourselves in areas relating to monetary management, banking regulation and supervision, technological advancements both within the bank and the industry with a view to facilitating economic growth with stability. the rbi has sound human resources practices aimed at building a competent and highly motivated human capital base. the selection and placement processes are aimed at identifying the right persons for right positions. officers are provided training opportunities after due assessment of their needs in the training institutions of the bank as well as external ones. while these measures have helped in selection and development of quality human resources, the clean work ethos and the positive approach of the bank ’ s management towards its people has really been responsible in building a workforce, which is capable of adapting to changes and meeting challenges and of working as a cohesive group and team. we have attached high priority to the governance aspects to cope with the rapidly changing scenario. the quality of human resource indicates that the ability of rbi to deliver value to customers. as governor rbi dr. bimal jalan has mentioned in one of his speeches “ capital and technology are replicable but not human capital which needs to be viewed as a valuable resource for the achievement of competitive advantage. ” the introduction of computerisation paved way for the customers of the bank and the public at large to receive better service from the bank. it is truly a matter of pride for me to have been associated with the reserve bank of india and its competent, quality human resource.