are efforts underway internationally on putting in place a framework to collect, pool and share relevant data on global financial institutions that would provide authorities with a clear view of the financial network and a powerful monitoring tool to assist them in their supervisory and macroprudential responsibilities. however, it appears unlikely that these informational barriers can be overcome rapidly, and in the interim, assessment of systemic risks will remain, at the most, a “ best ” estimate. the role of judgement, therefore, for the assessment of systemic risks will remain crucial, for the time being, at least. third, even though an extensive analytical framework for identification of systemic risks is put in place, there are challenges in putting together all the “ flags ” being raised i. e. in connecting the dots. for instance, many analysts cautioned against “ risk concentrations ” in u. s. housing, but there were few suggestions prior to the crisis that this could lead to dire macroeconomic consequences, particularly at a global level. the risks are even higher because systemic risk assessment remains an inexact science with considerable scope for missing signals and raising false alarms, which makes it difficult to spur concrete policy action especially as such actions often involve taking away the proverbial punch bowl just as the party is going strong. these challenges do not imply that technical work on measuring and monitoring systemic risk should not go forward ; only that the task ahead is as large and time consuming as it is critical. there is, therefore, a need that the momentum set in motion in the wake of the crisis be maintained. promising work on measuring systemic risk is, in fact, now in progress – at international institutions such as the imf, the basel committee for banking supervision and the financial stability board ; in central banks and other systemic risk regulators ; and in the academic world ; indeed in each of the institutions which all of us collected here today represent. i had observed that the learning curve with respect to the identification and assessment of systemic risks is steep. however, treading on these unchartered territories can become easier and swifter through sharing of experiences and through greater collaborations. this seminar, a conglomeration of operational mangers / experts on financial stability management across the globe, i hope, will be a giant step forward in this direction. the indian experience before i conclude, let me spend a few moments in outlining the framework in place in india for macroprudential surveillance and for the pursuit of financial stability. in india, prior to the

potete dire che qualcosa sia impossibile. ” “ when one is determined as regards the desired goal, one must act without making multiple hypotheses on the risks of failure. as long as you did not try it, you cannot state that the endeavour is impossible ”. it is that very spirit of the founding fathers that tommaso was always referring to. that very spirit of the founding fathers that is inspiring us today when we are drawing the lessons from the crisis. tommaso was not only a man of culture, a brilliant economist, a remarkable central banker, an important member of the italian government, a true and visionary european. he was also an extraordinary and exemplary friend. the depth of his culture and his personal qualities helped him to establish exceptional and friendly relationship with his colleagues. je peux le dire en francais, admirablement, car il parlait francais mieux que les francais, comme jacques delors le sait mieux que personne. merci tommaso, notre ami si cher, notre ami si regrette, pour cette amitie profonde et pour tout ce que tu as fait au service de notre union europeenne. i thank you for your attention. bis central bankers ’ speeches