“India goes global” – which is the title of a book that was published last year by the IMF – is an appropriate description of India’s recent development. I think that the outlined process of globalisation is among the most important factors that have fuelled the global growth dynamics we have been seeing for more than four years now.
In addition, policy makers need to strengthen the regulation of non-bank financial intermediation. For an internationally consistent approach, it is important that the FSB’s recommendations on money market fund reforms are taken on board in the upcoming review of the EU’s Money Market Funds Regulation.