. in other words, the framework for mitigating conflicting interests should be constructed inside - out, from the core point of an individual's value - oriented personality to an outer layer of enabling environment, through all possible means available to your profession. the conflict mitigation process, at its absolute broadest, should strike a reasonable balance that helps guard against present and future problems of conflicts of interest while preserving those traits of your profession which are the source of its creative and competitive genius. sometimes, due to certain professional / personal problems or set - backs, one may not be able to focus fully on one ’ s profession. that is quite understandable, but the touchstone is as to whether, over one ’ s entire career, one has been able to constantly deliver to the highest bis central bankers ’ speeches standards of professional excellence which is achieved through high levels of knowledge and skills coupled with an unshakable sense of values and ethics. another important aspect is that the top professionals in high positions should be very measured in their talk and behaviour, because they are looked upon as role models for the profession in particular and the society in general. ( d ) conflicts of interest and finance professionals – an uneasy relationship in contemporary times, especially since the onset of the present ongoing crisis in 2008, among the professions – finance related professionals have been in the limelight due to all the wrong reasons. in the period immediately prior to 2008, the continuous saga of financial scandals involving high profile companies like enron, worldcom, arthur andersen, tyco in usa ; ahold, parmalat in europe, citi bank's activities in europe and japan, bnp paribas are still fresh in one's memory. more recently, those involving j p morgan, standard chartered, hsbc in the international arena serve as examples. the recent episodes of proven transgressions by some of our banks also raise concerns and highlight the critical role of ethics in business. in all these cases, expert observers have concluded that the role of the finance professionals and, more importantly, their exploitation of conflicts of interests as being at or near the centre of such scandal - driven financial storms. conflicts of interest, of late, have reappeared in our public discourse. it is alleged that, we in india, are not appreciative enough of the world of conflicts of interests. it is also argued that we do not appreciate the separation of roles and responsibilities of our private and public lives ; and that we freely

. the “ to do list ” remains substantial. in arguing the case for reform, though, the way the discussion is framed matters. i would like to suggest that “ reform ” is a term which excites the intellectual elites and the various interest groups ( including those who feel they have something to lose from reform ) but doesn ’ t do much to excite the general public. and getting buy - in from them is ultimately critical. to be sure, they have to be led. but they have to be convinced too. i submit that the general public is much more likely to grasp, intuitively, a conversation about growth. growth in jobs, in incomes, in their standard of living, wealth and prosperity. better bis central bankers ’ speeches allocative efficiency, if we could secure it, would doubtless add to growth. that growth is worth having. but the story is also about how to secure more dynamic effects : increasing the resources available to be deployed in economic activities of various kinds ; fostering conditions under which innovation and genuine risk - taking flourish. in that regard, how to minimise adverse effects on work effort, enterprise, capital accumulation and innovation, due to tax or other factors, would be a worthwhile question – accepting, as a condition, that there is an amount of revenue the government must raise to fund the provision of services only the government can supply. minimising those adverse effects means a larger economy ; more income ; more revenue and so on. in parallel, there is no avoiding the need to have the right labour market arrangements. the question is how to have suitable rules that offer basic fairness, but with minimum adverse effects on enterprise, employment, and the scope for free agents to come together in ways that mutually suit them – and that grow the economy. whether we have that balance right is a question you might address. growth is important. and for a while now, there has not been quite enough growth. there has been growth, and more than in many countries. but, recent labour market outcomes notwithstanding, not as much as we ought to be capable of. growth rates have mostly started with a “ 2 ” for a while now – despite the lowest interest rates in our lifetimes, banks able and willing to lend and measures of consumer and business confidence generally about average ( notwithstanding what we keep reading in the media ). this may be simply a feature of the post - financial crisis world – the need for balance sheet repair. it may be about changing