macroeconomic stability helped contain india ’ s external vulnerabilities, a close monitoring of external sector is required, given the sharp movements in global crude oil prices and global financial market volatility. these are the two global shocks that have implications for our cad and financial flows. another challenge that indian companies may face pertains to developments around brexit. indian companies and policy makers need to suitably weigh all opportunities and challenges, and accordingly re - strategise to respond appropriately. 21. let me conclude by saying that at the rbi, we are committed to play our role as the monetary authority for maintaining mandated price stability objective while keeping in mind the objective of growth ; and as the regulator and supervisor of the banking sector and payment systems. we will take necessary steps to maintain financial stability and to facilitate enabling conditions for sustainable and robust growth. 22. in october 2018, when i had absolutely no clue that i would be landing up in the reserve bank in december 2018, i had tweeted, “ central banks across countries have a very critical role at the current juncture. the challenge is to try and read the situation and take decisive steps in pursuit of their multiple responsibilities. ” as governor of the reserve bank of india, it would be my endeavour to act according to these principles. thank you. 1 financial stability report, december 2018. 5 / 5 bis central bankers'speeches

within member states. recently, the european court of justice has confirmed that the ecb can deploy any available instrument, unless explicitly ruled out by the statute, to ensure price stability. if risks to price stability arise, we have to use all the tools that are legally available to us. indeed, the clearest demonstration of the determination of the governing council to act when necessary was provided precisely by the decision, taken by the majority of the council members, to proceed with the asset purchase programme. today, like before, we are not constrained in our capacity to intervene ; we have many instruments at our disposal. we are confronting a situation in which price dynamics are very weak and the macroeconomic picture remains uncertain. that is why the governing council is committed to re - examining the degree of monetary policy accommodation at its next meeting in december. the programme so far has without doubt been effective. but we must assess whether, with the weakening of the economy, the current stance is still sufficient to counter the headwinds which could obstruct a return to medium - term price stability. should we believe this not to be the case, we will examine how it can be enhanced to achieve our policy objective. bis central bankers ’ speeches emergency liquidity assistance for greek banks in its decisions the ecb is bound both by the statute and by the other provisions of the treaty. the choices of the governing council concerning greece were another example of strict adherence to the letter and spirit of both. this was apparent a few months ago when, amid a worsening economic and political situation, the government and the greek banks lost access to market funding and depositors started to withdraw their money from the banks. the banks became completely dependent on emergency liquidity assistance, a form of “ lending of last resort ”, from the eurosystem. ela became the sole channel through which greek banks could continue to function and make payments, and through which deposits could continue to flow to other parts of the euro area. at the peak we were lending €127 billion euro to the greek banking system, or 71 % of the country ’ s gdp. in keeping with article 123 of the treaty which prohibits the ecb from monetary financing, the governing council imposed strict limits on the use of government securities as collateral for loans that the greek banks received from the ecb. otherwise the government would have obtained refinancing from domestic banks which would have in turn used the government securities to obtain our funding. we nevertheless continued to supply the