In comparison, the size of the banking sector stagnated over this period.4 The most recent impetus to deepen the Capital Markets Union is in line with greater integration of the European financial markets5, which brings new challenges and opportunities where promoting sustainable finance gains prominence.
•  India does not depend on the international capital market for financing the fiscal deficit and consequently to some extent adverse consequences of the global developments would be muted. However, there could be a spill-over effect of global developments on domestic interest rates and thus on fisc also.