deepak mohanty : indian economy – progress and prospects speech by mr deepak mohanty, executive director of the reserve bank of india, at the harvard business school, boston, 27 september 2011. * * * the assistance provided by dhritidyuti bose and abhiman das is acknowledged. it is an honour and privilege for me to be speaking at harvard to such a distinguished audience. i thank professor benjamin friedman and professor tarun khanna for this opportunity. i will be speaking on the indian economy. india is home to 1. 21 billion people, which is about 17. 4 per cent of the global population. however, it accounts for only 2. 4 per cent of world gdp in us dollar terms and 5. 5 per cent in purchasing power parity ( ppp ) terms. hence, there exists a huge potential for catch up. the global welfare too is linked to progress in india as reflected in the keen global interest in india. but, india seems to inspire and disappoint at the same time. this is reflected in various comments on the indian economy. yasheng huang and tarun khanna in their much debated article in july 2003 issue of foreign policy had observed : “ can india surpass china? this is no longer a silly question ”. the july 23rd 2011 issue of the economist observed ; “ twenty years ago they said the yardstick against which india should be measured was its potential. on that measure, there is much to do. ” as a fledgling democracy, india ’ s economic experiment of planned development was held out as an example to many aspiring low - income countries in the 1950s. while some countries raced ahead in the development process, india lagged behind. this is evident from the fact that it took 40 long years from 1950 – 51 for india ’ s real per capita gdp to double by 1990 – 91. but, 1991 – 92 was a defining moment in india ’ s modern economic history as a severe balance of payments ( bop ) crisis prompted far reaching economic reforms, unlocking its growth potential. as a result, in only 15 years, india ’ s per capita income doubled again by 2006 – 07. if the current pace of growth is maintained, india ’ s per capita income could further double by 2017 – 18, in 10 years time. while acceleration in india ’ s recent economic growth is noteworthy, maintaining the pace, no doubt, will be challenging. against this background, i propose to highlight the key policy reforms since

jean - claude trichet : two successes of the euro - the single monetary policy and european financial integration speech by mr jean - claude trichet, president of the european central bank, at the conference on experience with and preparations for the euro, organised by the austrian national bank ( oesterreichische nationalbank ) and the austrian federal economic chamber together with the austrian federal ministry of finance and the european commission, linz, 11 may 2006. * * * introduction ladies and gentlemen, i would like to start by thanking the oesterreichische nationalbank and its co - hosts for inviting me to speak today at your conference session entitled “ experience with and preparations for the euro ”. this year, the euro is in its eighth year, and serves as a single currency for more than 300 million citizens. i would like to address two successes of the euro which are particularly relevant to the ecb ’ s responsibilities : the single monetary policy and the progress in european financial integration, for which the euro has acted as a major catalyst. first, i will discuss some of the key successes achieved by the single monetary policy over the seven and a half years since the introduction of the euro in january 1999. above all, the single monetary policy has served to anchor longer - term inflation expectations securely at levels in line with our definition of price stability. this anchoring has facilitated the preservation of price stability, which is a prerequisite for sustainable economic growth and employment creation in the euro area. i would then like to share with you some thoughts regarding the progress in european financial integration that has been witnessed in particular since the introduction of the euro. my basic assessment is that the overall pace of integration has been impressive. and while the euro generally acted as a major catalyst for the integration of all the financial markets, integration is more advanced in those market segments that are closer to the single monetary policy – above all the money market. the single monetary policy the introduction of the euro on 1 january 1999 was an event of the greatest historical, institutional and economic significance. seven and a half years on, we can take stock of the considerable successes achieved by the euro, successes of which the european central bank ( ecb ) is justifiably proud. more importantly, when seeking to perpetuate these successes and, as the euro area enlarges, to extend them to others, we must identify the key principles on which the successes of the single monetary policy rely. to manage the new currency, the ecb