nicholas c garganas : regional financial stability around the eurozone presentation by mr nicholas c garganas, governor of the bank of greece, at the conference on regional financial stability around the eurozone, organised by the euro 50 group, istanbul, 1 june 2006. * * * i am delighted to have been asked to participate in this conference on “ regional financial stability around the eurozone ”. this topic has gained importance as the economies - and particularly the financial systems - of south - eastern european ( see ) countries have increasingly developed linkages both within their region and with the eurozone. in recent years, see countries have generally experienced high rates of economic growth, improvements in macroeconomic fundamentals, and a significant transformation and growth of their financial systems. for sustainable future growth and development in the region, the maintenance of financial stability is an essential precondition. in turn, the existence of an effective legal and regulatory framework for the financial sector and the conduct of financial supervision in accordance with international best practices plays an important role in promoting financial stability. to this end, considerable efforts have already been made to strengthen the legal and regulatory frameworks of the financial sector in see countries and to improve supervisory practice. in what follows, i will briefly discuss the various channels through which external assistance towards regulatory and supervisory reform in south - eastern europe has been provided, identify some areas where further reform and expertise appears necessary, and suggest some cooperative arrangements that could contribute to this objective. over the past fifteen years or so, technical assistance to improve the legal and regulatory framework of the financial sectors of see countries and the implementation and enforcement capabilities of the competent national authorities has been provided in various forms by international organisations such as the imf, the world bank, and the bis. although a comprehensive discussion of all these projects is not realistic in my short presentation, it may be worthwhile to at least mention a few of them. supervisory personnel from see countries have participated in training seminars offered by the financial stability institute of the bis and by the joint vienna institute. under the joint imf - world bank financial sector assessment program, international teams of experts have assessed the financial sectors of see countries and the degree of compliance with basel core principles and have identified weaknesses and proposed corrective measures, many of which have since been implemented by the countries concerned. in coordination with international institutions, the united states agency for international development ( usaid ) has supported projects in many see countries to improve the regulatory framework for the financial sector and the conduct

urjit r patel : macro and micro drivers of business potential of ifscs in india speech by dr urjit urjit r patel, governor of the reserve bank of india, at gandhinagar, gujarat, 11 january 2017. * * * a. introduction 1. we are gathered here today to commemorate the establishment and success of gift, india ’ s first international financial services centre ( ifsc ) that brings together world class infrastructure, connectivity, people and technology on a single platform for businesses across the world. an allinclusive and modern economic zone, it offers global firms competitive access to india ’ s large and burgeoning demand for financial services. 2. international financial centres around the world have historically emerged out of the confluence of economic and political developments. in modern times, while major centres adapted their financial institutions and instruments to intermediate international capital flows, they also came to be seen as vehicles for economic growth and development of the host countries. 3. to achieve their objectives, it is necessary that the regulatory frameworks governing ifsc operations are well - thought out, guided by the ease of doing business principle, tempered by prudent risk management, and geared to deliver efficient financial services. the various areas of attention from this standpoint include registration and approval process for new entrants, regulation, supervision and resolution of financial entities, and dispute settlement. 4. ifsc at gift city is probably the first such centre to be launched after the 2008 global financial crisis. in some ways, the light - touch regulatory philosophy epitomised by ifscs came to be questioned in the aftermath of the crisis. however, gift city has the advantage of drawing the right lessons in this regard to avoid pitfalls. 5. the rbi has been working closely with all ifsc stakeholders on diverse subjects in recent years to help gift develop. 6. today we see intense competition among the major ifcss trying to position themselves for various business lines, and increase their business potential, which is the theme of this seminar. in addition to the usual attributes there are two other dimensions, viz., the broader economic environment in tandem with associated policies, and the micro ecosystem specific to the ifsc sector. b. macro 7. as we celebrate gift today, it is important to recognise that its further growth will, inter alia, be predicated on the environment of domestic macro stability that we have achieved along several key areas over the last few years. we need to be ever vigilant to preserve