Let me frame the reform problem this way: Europe is facing the challenge of overcoming obstacles to reform along the route to a sustainable and coherent community order. There is certainly more than just one solution. The option of reforming the common economic and financial framework towards stronger European liability, however, is predicated upon transferring more national sovereignty to the European level.
In India, we have been adhering to a cautious and sure-footed approach in our reforms so far and there is merit in doing so since it enables us to avoid policy reversals on the one hand and build on the past strengths on the other. The experience of the 1990s has shown that our approach to financial integration has stood the test of time.