being detrimental to a return to sustainable economic growth, the adherence of these countries to their medium - term consolidation programmes will strengthen consumer and investor confidence. any deviation from the medium - term orientation could thus only prove counterproductive. countries without fiscal imbalances can, of course, allow automatic stabilisers to operate fully. however, there is no case for fiscal activism in any country. the only way to continue to expand the rate of non - inflationary output growth of the economy in a decisive and long - lasting manner is to deepen structural reform in the labour and goods markets. efforts have been made in this direction in many euro area countries over recent years, but there is still some way to go. in the same vein, governments should pursue determined reforms with regard to the size and structure of public expenditure and revenue, also in order to create room for further tax cuts and to absorb the fiscal costs of population ageing. together with continued wage moderation aimed at sustaining recent labour market gains, these reforms will foster employment and investment, and ultimately contribute in a decisive manner to making the euro a resounding and long - lasting success, underpinned by a stable and dynamic economy. i am confident that the importance of this moment and the need to act resolutely is well understood by policy - makers all over europe.

##gregious traditional hindu social evils. swami vivekananda was an intellectual leader par excellence. swamiji, as he is popularly known in bengal, not only interpreted hinduism for indians but also deciphered india ’ s religiosity to the larger world. his inspiring speech at the world parliament of religions at chicago in 1893 that started with “ sisters and brothers of america ” is considered an epitome of universal empathy. sri aurobindo synthesized eastern and western philosophies, religion, literature and psychology in his writings. gurudev rabindranath tagore, whose 150th birth anniversary we are celebrating this year, was a remarkably influential thought leader whose poignant prose and soul stirring poetry are a testimonial to his humanism and belief in universal brotherhood. netaji subhash chandra bose was a galvanizing force for national unity and inspired profound love and loyalty in the indian national army ( ina ). bengal also produced fearless revolutionaries like kshudiram bose who gave up their lives in the struggle for india ’ s independence. 9. this great leadership tradition of bengal was carried forward in post - independence india by luminaries like : satyajit ray, one of the greatest auteurs of 20th century cinema, who put indian movies on the world celluloid map. his “ pather panchali ” set exacting standards for cinematic artistry and will go down in the history of cinema as one of the most poignant tales ever told. mother teresa became a household name the world over for her exemplary humanitarian work, her deep sympathy for the less privileged and less fortunate and her advocacy of the rights of the poor and helpless. bengal ’ s very own son, nobel laureate amartya sen, is today one of world ’ s bestknown public intellectuals who has applied a consistent approach in his influential studies on social choice, welfare measurement and poverty. bis central bankers ’ speeches more questions than answers 10. interestingly, at a conceptual level, all these leaders from bengal who influenced thought and action across space and time, and their diverse leadership styles raise more questions than answers : ( i ) what makes a leader? ( ii ) is there a standard template for leadership? are there any quintessential leadership qualities? ( iii ) are leaders born or made? in other words, can leadership be taught? ( iv ) are leaders contextual – products of space and time? 11. these are, of course