The real economy costs can be greater and longer term, including weakened investor and consumer confidence, higher borrowing costs, potentially protracted credit contractions and, in consequence, lower economic growth. Given this combination of critical importance and potential fragility, no country can afford to view its banking system with indifference. The banking system is something that is central to a nation’s economy.
4  BIS central bankers’ speeches  Furthermore, the share of India’s software services exports to Europe declined from 26 per cent of total software export earnings in 2009-10 to 24 per cent in 2011-12. Europe accounts for more than one-third of total tourist arrivals in India.