s s mundra : defeating poverty – issues and challenges keynote address by mr s s mundra, deputy governor of the reserve bank of india, at the 39th skoch summit, new delhi, 20 march 2015. * * * 1. mr. sameer kochhar, chairman, skoch group ; other dignitaries on the dais and in the audience ; delegates to the summit ; members of the print and electronic media ; ladies and gentlemen! it is a pleasure and privilege for me to be present here today at the inaugural session of the 39th skoch summit on the theme of “ defeating poverty ”. the theme of this conference is extremely relevant at the current juncture when the groundwork on linking each household to the banking sector in a mission mode under the pmjdy is nearing completion. i congratulate skoch for choosing this particular theme for its summit. 2. the ilo declaration of philadelphia, 1944 states “ poverty anywhere is a threat to prosperity everywhere. ” poverty, therefore, has implications for global stability which has been well appreciated by the policy makers the world over. as across the globe, policy makers in india i. e. goi and the financial sector regulators, particularly rbi have also endeavored to ensure that poverty is tackled in all its forms and that the benefits of economic growth reaches the poor and excluded groups in the society. 3. franklin d. roosevelt said “ the test of our progress is not whether we add more to the abundance of those who have much ; it is whether we provide enough for those who have too little. ” if we were to apply this yardstick for measuring our progress, we would be considered to have failed miserably. even after nearly sixty eight years since achieving our independence, poverty remains one of india ’ s largest and most pressing problems. there is no gainsaying that a nation cannot become great when the lives of millions of its citizens are benighted by poor nutrition, limited by poor learning opportunities and shriveled by gender discrimination. what is poverty? 4. the merriam webster dictionary defines poverty as “ the state of one who lacks a usual or socially acceptable amount of money or material possessions. ” however, poverty is not simply characterized by a lack of adequate income. it has far reaching implications. people who suffer from poverty experience a number of deprivations and restrictions. its manifestations include hunger and malnutrition, limited access to education and other basic services, social discrimination and exclusion, as well as the

thomas jordan : current monetary policy and its significance for the real economy summary of a speech by mr thomas jordan, vice - chairman of the governing board of the swiss national bank, at the general meeting of the aargauische industrie - und handelskammer, wettingen, 20 may 2010. the complete speech can be found in german on the swiss national bank ’ s website ( www. snb. ch ). * * * in the current situation, the challenges for the snb ’ s monetary policy remain formidable. on the one hand, against the backdrop of the economic recovery we have witnessed since mid2009, there is a danger of inflationary tendencies and the renewed formation of a bubble. this is because the current monetary policy is too expansionary in the long term. on the other hand, downside risks are still present or are again reappearing, and should not be underestimated. they relate, in particular, to the further development of the debt crisis in europe. a deterioration of this situation entails the danger for switzerland of renewed deflation and recession as well as the risk of another destabilisation of the global financial system. between these opposing risks the snb must walk a fine line, moving in terrain that is constantly and rapidly changing, depending on which risk gains the upper hand. with a monetary policy strategy aimed at maintaining price stability, the snb is well equipped to face these challenges. what are the short and medium - term consequences for the real economy of addressing these challenges? it is always true that monetary policy is too restrictive for certain segments of the economy and too expansionary for others. since there can only be one monetary policy for switzerland, it must geared to the economy as a whole. ensuring price stability in the medium and long term is the guiding principle. the snb ’ s monetary policy strategy, however, is sufficiently flexible to react in an optimal way to uncertainties related to business cycle developments or the situation on the financial and currency markets. in implementing this policy, the snb must be able to maintain its credibility at all times. only then can it effectively – in the long term – fulfil its constitutional and statutory mandate of pursuing a monetary policy in the interests of the country as a whole.