face in the global market. beyond traditional products like pre - and post - shipment finance, factoring, and invoice discounting, the sector can significantly aid msmes in managing risks through export credit insurance and currency risk hedging solutions. these financial instruments not only protect against payment defaults and currency fluctuations but also provide msmes with the confidence to explore and expand into new international markets. current regulations mandate that forex needs, including cash and hedging products, must be met through authorised dealers, with scheduled commercial banks playing a dominant role. these banks, holding a privileged position, have a fiduciary duty to act fairly and transparently, particularly with smaller clients like msmes. the introduction of the fx - retail platform in 2019 aimed to enhance transparency and fairness in retail foreign exchange transactions has seen only a limited success. i would request banks to take proactive steps to increase awareness and facilitate higher customer participation on the fx - retail platform. sensitivity towards the sector 4 / 6 bis - central bankers'speeches finally, considering the key role that msmes play in the economy, the financial sector should adopt a more sensitive and empathetic approach towards them. while financial discipline is crucial, the unique challenges faced by msmes - such as low capital base, lack of scale, cash flow constraints from delayed payments, fluctuating market conditions, and external economic pressures - necessitate a more nuanced approach to assessment as well as follow up. while timely repayment of dues is crucial to maintain the health of the financial system, financial institutions should focus on deploying supportive measures such as restructuring options, grace periods, and tailored repayment plans that give msmes the breathing space they need to recover and get back on track while encountering difficult situations. collaboration and dialogue between lenders and borrowers can help create solutions that protect both the financial interests of the lender and the viability of the msmes. conclusion in conclusion, the journey of india's economic transformation cannot be complete without the robust development of our msme sector. msmes are not just the backbone of our economy - they are the engines of growth, innovation, and employment. however, for these enterprises to truly thrive and scale up, the financial sector must step up with innovative solutions, sensitivity, and a forward - looking approach. this is not just about providing credit ; its about enabling these enterprises to compete globally, drive exports, and contribute to the nation's goal of becoming a

##b have gained us time ; they have preserved the functioning of monetary policy. bis central bankers ’ speeches but we have now reached a point where european integration, in order to survive, needs a bold leap of political imagination. it is in this sense that i have referred to the need for a “ growth compact ” alongside the well - known “ fiscal compact ”. a growth compact rests on three pillars and the most important one, from a structural viewpoint, is political : the economic and financial crisis has challenged the myopic belief that monetary union could remain just that, and not evolve into something closer, more binding, into an arrangement whereby national sovereignty on economic policy is replaced by the community ruling. if the governments of the member states of the euro define jointly and irrevocably their vision of what the political and economic construct that supports the single currency will be and what the conditions to reach that goal together should be. this is the most effective answer to the question everyone is asking : “ where will the euro be in ten years ’ time? ”. the second pillar is that of structural reforms, especially, but not only, in the product and labour markets. the completion of the single market and the strengthening of competition are crucial for growth and employment. labour market reforms that combine flexibility and mobility with a sense of fairness and social inclusion are essential. growth and fairness are closely connected : without growth, and the events of recent months also reflect this, the temptation to “ circle our wagons ” gains strength, and solidarity weakens. without fairness, the economy breaks up into multiple interest groups, no common good emerges as a result of social and economic interaction, and there are negative effects on the capacity to grow. recent italian history has no shortage of examples. these reforms have long been indispensable in a global economy very different to the one which witnessed the creation of the institutions still operating today. in the political structure that will emerge from the crisis it is likely and desirable that for these reforms a system of european rules will be introduced similar to that for the fiscal compact, a discipline leading over time to the european harmonisation of objectives and tools. the third pillar is the revival of public investment : the use of public resources to push forward investment in infrastructure and human capital, research and innovation at national and european levels. ( the proposed strengthening of the eib and the reprogramming of union structural funds in favour of less - developed areas go in this direction ). thus, a growth