It will be very difficult to fully integrate these countries into the world economy without efficient institutions in the financial sector, without a coherent development-oriented  BIS Review 80/1998  -3-  government strategy and without a reliable legal framework. This has been demonstrated again by recent crises.
I thought he was talking about the role of the Reserve Bank and how complex it is until I realised that he meant that the wind actually blows in from two different directions. My reply to him was: “Well, that would demonstrate how complex and challenging is the role of Reserve Bank in a complex economy like India!” Thank you!