five year plan. this entails triggering a series of development process that ensures broad - based improvement in the quality of life of the people, especially the poor, and the underprivileged. a number of schemes seek to address issues of livelihood and seek to act as social security nets. to make these schemes and policy interventions effective, it is important that the common person in general and beneficiaries in particular have access to the banking sector to receive and make payments on their own account. as inclusive growth is not possible without financial inclusion, “ financial inclusion ” has become a major policy plank. rbi vision is that everyone in the country should have access to financial products and services but our immediate objective is that every village with a population exceeding 2000 ( and subsequently all villages ) should be covered either by a bank branch or through a business correspondent by 2012. the rationale behind this is that access to finance, along with fair and transparent products / services, is a source of empowerment and allows people to participate more effectively in the economic and social process. our dream of inclusive growth will not be complete until we create millions of microentrepreneurs across the country. 33. in this context of inclusive development, the course in social entrepreneurship offered at the edi assumes importance. while the term social entrepreneurship is new, the activity of building social capital is not. in the mid 19th century raiffeisen innovated the credit unions and set in motion the cooperative movement ; vinobha bhave led the bhoodan movement pooling and redistributing land ; closer to the present, social capital built by pioneers such as ela bhatt of sewa, kurien ’ s amul initiative or mohammed yunus ’ s gramin bank have charted new directions and have led the way. 34. india, today, is home to the largest number of ngos in the world. a recent government study estimates the number of ngos at 3. 3 million. this is many times more bis central bankers ’ speeches than the number of primary schools and primary health centres in india. while we have the comfort of numbers, we do not have the comfort of commensurate results. we trust that some in our midst, who are stepping out to pursue a career in the social sector and become agents of social change, will not only fill in this deficit but will also pioneer new areas. of profits and ideals 35. while much of social capital creation has been driven by ideal

vitor constancio : high - level policy dialogue of emeap central banks and the eurosystem introductory remarks by mr vitor constancio, vice - president of the european central bank, to the press conference on the occasion of the high - level policy dialogue of the eurosystem and east asia - pacific central banks, bangkok, 26 july 2014. * * * ladies and gentlemen, good evening to all of you. it is a great pleasure to be here in bangkok today together with governor prasarn. i also welcome you to the press conference on the occasion of the highlevel policy dialogue of the eurosystem and east asia - pacific central banks. this dialogue was jointly organised by the bank of thailand, which currently holds the chair of the executives ’ meeting of east asia - pacific central banks, and the ecb. i would like to use this opportunity to thank governor prasarn for hosting this event in bangkok. this is the seventh time that the eurosystem and east asia - pacific central banks have met. it is an important and useful platform for exchanging views on issues of mutual interest to the central banking community. the crisis has subsided since we last met in 2011. however the euro area and the global economy still face challenges. in the euro area, the economy continued its moderate recovery in the second quarter, although rates of inflation remained too low. growth rates in the east asia - pacific region are generally robust, but below their pre - crisis levels. nevertheless, asia has remained an engine of growth for the global economy, and our regions are increasingly interconnected through trade and finance. in this context, i very much appreciate the fruitful exchange of views with our counterparts here in the east asiapacific region. during our meeting today we focused on two topics : ( i ) monetary policy in advanced economies, implications and policy responses in the emerging market economies, and ( ii ) lessons from the crisis in the euro area for monetary and financial integration. let me briefly highlight some of the issues we discussed. regarding monetary policy in advanced economies, we discussed the challenges faced by the major central banks during the financial crisis and the exceptional measures taken in response to those challenges. today we can say with some certainty that the policies of central banks in advanced economies helped avert a more severe economic downturn in the wake of the crisis. thus, those policies benefited the global economy as a whole. however, we also acknowledged spillovers, mainly in the form of capital