targeted longer - term refinancing operations ( tltros ), negative rates, or measures aimed at restoring monetary policy transmission such as the pandemic emergency miranda - agrippino, s. and h. rey ( 2020 ), “ us monetary policy and the global financial cycle, " the review of economic studies, vol. 87, november 2020, pp. 2754 - 2776. page 5 sur 6 purchase programme ( pepp ), were all novelties that the ecb brought into mainstream central banking. this reciprocity is also visible in the growing interactions between the ecb and the federal reserve at all levels. this greatly helps overcome the atlantic barrier. let me for example mention the research area, where frequent exchanges are taking place among staff, and the now established practice of bilateral video conferences on topics of relevance to both institutions. while i welcome these growing interactions, let me also stress that more needs to be done to facilitate publication of euro area research in us - based reviews and its broader dissemination through appropriate citations. 3. international cooperation central banks have made bold progress in collectively managing spillovers, particularly during crises. one good case in point is the development of a network of standing currency swap arrangements across central banks to provide emergency liquidity, which contributes to foster global financial stability. likewise, the strengthening of the basel framework helps reduce adverse spillovers, and the banking turmoil of early 2023 underlines the importance of fully implementing the basel iii rules. furthermore, in order to ensure financial stability, central banks strive to act efficiently in many areas. we are doing more than simply safeguarding the past and fixing problems. marked progress has been made to secure payment systems and infrastructures, supervise financial institutions while closely monitoring vulnerabilities and assessing new risks such as those stemming from non - bank financial institutions ( nbfis ), crypto - assets and the emergence of decentralized finance ( defi ). let me add that, within their mandate, cooperation between central banks should be strengthened to promote climate mitigation policies across their fields of intervention. the bis, an international financial institution owned by central banks, is a good example of a well - functioning and efficient multilateral organisation. trust, cooperation and respect among members are three building principles of the bis that are key ingredients for effective international cooperation. page 6 sur 6 finally, central banks are very active in promoting research and steering global networks such as the international banking research network 9 and the network of central

that result in sustained low inflation and positive real interest rates, this requires all constituencies to make adjustments. for example, if industrialists want significantly lower rates, they have to support efforts to improve loan recovery so that banks and bond markets feel comfortable with low credit spreads. the central and state governments have to continue on the path of fiscal consolidation so that they borrow less and thus spend less on interest payments. households will have to adjust to lower nominal rates, but must recognize that higher real rates make their savings more productive. they will find it worthwhile to save more to finance the enormous investment needs of the country. adjustment is difficult and painful in the short run. we must not get diverted as we build the institutions necessary to secure a low inflation future, especially because we seem to be making headway. the government has taken the momentous step of both setting a cpi based inflation objective for the rbi as well as a framework for setting up an independent data from household surveys also suggest that household financial savings are moving up. for example, two recent financial inclusion surveys for selected states in india – financial inclusion insights survey conducted by intermedia and the finscope survey implemented by the small industries development bank of india ( sidbi ) – suggest that among individuals “ who have a bank account ”, the fraction who saved through bank deposits increased from 60 % in 2013 to 98 % in 2015. of those who “ save money ”, the fraction saving through a bank increased from 67 % in 2013 to 93 % in 2015. of those who “ save money ”, the fraction “ saving at home ” has declined dramatically from 90 % in 2014 to 6 % in 2015. bis central bankers ’ speeches monetary policy committee. in the days ahead, a new governor, as well as the members of the committee will be picked. i am sure they will internalize the frameworks and institutions that have been set up, and should produce a low inflation future for india. the rewards will be many. our currency has been stable as investors have gained confidence in our monetary policy goals, and this stability will only improve as we meet our inflation goals. foreign capital inflows will be more reliable and increase in the longer maturity buckets, including in rupee investments. this will expand the pool of capital available for our banks and corporations. the government will be able to borrow at low rates, and will be able to extend the maturity of its debt. the poor will not suffer disproportionately due to bouts of sharp