SPEECH - In the speech Reddy says the complexities relating to the global financial system in the context of strong national interests continuing to dominate public policy viewed in the light of Indian experience warrant, more than a legal basis, emphasis on three aspects, namely (i) the standards may be set domestically (ii) the processes of setting, prioritising, incentivising, monitoring and reorienting should be consultative (iii) effective implementation is a complex and varied process, 23