Asian economies ran up huge surpluses on their trade accounts which were mirrored by current account deficits in the US. This geographical savings – consumption imbalance was inherently fragile, but we refused to acknowledge it. Instead, we lulled ourselves into believing that we have entered, what Mervyn King of Bank of England famously called NICE era – “non-inflationary consistently expansionary” era.
4.3 The Standing Committee by itself will not take a view on the Standards and Codes and it will disseminate views expressed on the subject mainly on the basis of the Advisory Groups constituted by it in different subject areas.