’ s national program for it ground to a halt after pilot sites reported significant problems. already four years behind schedule, the initial pilot released in london was branded as shambles, as failure to address the culture change issues, coupled with “ technical faults ” to produce weeks of chaos at hospitals. after several months of working on the problems, the rollout was placed on hold and in sep 2010, department of health announced that efforts to centralize health records were abandoned. over the years many studies have shown high failure rates in the it sector. as per a 2008 study by us government accounting office ( gao ), of 840 federally funded projects 49 % of were poorly planned, poorly performing or both. a 2008 study by the information systems audit and control association that found that 43 % of 400 respondents admitted that their organization had a recent project failure. ( source – the story behind the high failure rates in the it sector ). a 2002 gartner survey found that 20 percent of all expenditures on it is wasted – a finding that represents, on a global basis, an annual destruction of value totaling about us $ 600 billion. a 2004 ibm survey of fortune 1000 cios found that, on average, cios believe that 40 percent of all it spending brought no return to their organizations. a 2006 study conducted by the standish group found that only 35 percent of all it projects succeeded while the remainder ( 65 percent ) were either challenged or failed. many surveys have consistently revealed that 20 to 70 percent of large ‐ scale investments in it ‐ enabled change are wasted. indian context before coming to some conclusions from the above incidents and survey reports let us come to the indian context, where banking has traversed a long journey from the days of mechanization, followed by word processing on standalone pcs onto it based applications. as things stand today the customer related functions in banks are all run on it enabled systems. it is the reach and capacity of information technology that has enabled banks to overcome the constraints of geographical reach, enormously increasing transaction volumes and, to an extent, availability of human resources. banks are gearing up to cater to fast increasing customer needs through it based payment systems, internet based access and technology enabled service delivery modes. while banks keep churning out new projects, an important key to the success of any project / software is exception handling. while routine transactions generally go well executed, it is the exception handling that makes or breaks the software. while testing the software, adequate efforts should be made to prepare exhaustive

speech the ecb ’ s monetary policy response to the pandemic : liquidity, stabilisation and supporting the recovery speech by philip r. lane, member of the executive board of the ecb, at the financial center breakfast webinar organised by frankfurt main finance 24 june 2020 today, i will discuss the impact of the monetary policy measures taken by the ecb in response to the pandemic emergency on euro area financial conditions and the outlook for growth and inflation. [ 1 ] as i will explain, our measures have been an effective and efficient reaction to the covid - 19 crisis by boosting liquidity, stabilising financial markets and supporting the recovery. let me briefly recall the unprecedented challenges that warranted a decisive monetary policy response. the european and world economies are experiencing an extraordinary and severe contraction. the measures taken to contain the spread of the coronavirus since early march have interrupted many economic activities worldwide. large - scale job and income losses, along with an exceptional degree of uncertainty about the economic outlook, have led to a significant drop in consumer spending and business investment. as the containment measures are lifted, we see some signs of an initial recovery. however, this process is expected to be quite gradual, since it will take time for consumers and businesses to recover from this shock. income losses and precautionary savings continue to weigh on consumption. likewise, weak demand, continued supply constraints and ongoing social - distancing restrictions are hampering the normalisation of economic activity. these developments are clear from the incoming data and shaped the euroystem staff macroeconomic projections published in early june. euro area output contracted by a record 3. 6 percent in the first quarter of the year and is projected to decline by a further 13 percent in the second quarter. while growth will partially rebound in the second half of this year, output is projected to return to the level prevailing at the end of 2019 only at the end of 2022 ( chart 1 ). the net impact of the covid - 19 shock on the medium - term inflation outlook is expected to be disinflationary to a substantial degree, since the forces associated with greater economic slack are likely to outweigh any inflationary pressures stemming from damage to supply capacity. [ 3 ] the sharp drop in economic activity ( together with the fall in oil prices ) has already left its mark on euro area inflation, which has decreased significantly over the past months, standing at only 0. 1 percent in may.