Dr. Yaga Venugopal Reddy was Governor, Reserve Bank of India, from 2003 to 2008. Subsequently, he was a member of the UN Commission of Experts to the President of the UN General Assembly on Reforms of the International Monetary and Financial System. Dr. Reddy was also a member of an informal international group of prominent persons on international monetary reforms (Palais Royal Initiative). He is Professor Emeritus at the University of Hyderabad and Distinguished Professor at the Indian Institute for Technology (IIT) Madras, as well as an honorary fellow of the London School of Economics and Political Science, and is on the Advisory Board of the Institute for New Economic Thinking (INET).
JAIME CARUANA: Welcome all of you to the BIS on the occasion of the Per Jacobsson Lecture. And it is a particular pleasure to welcome Dr. Reddy back to Basel, where he has so many friends. As you know, Dr. Reddy has a long record dedicated to public service. As a senior official in the Ministry of Finance he took a leading part in the liberalization of the Indian economy that began in the early 1990s. And in later years as Governor of the Reserve Bank, he did much to ensure that the Indian banks avoided these precrisis excesses. And therefore, he knows very well from personal experience how difficult it is to constrain this process, and he showed really great fortitude during this difficult period and under heavy pressure. So after the excellent Per Jacobsson Lecture last year with Andrew Crockett, I think this year we have also an excellent panelist, an excellent presenter.