Prof. Obstfeld belongs to that select category. Many among the audience here must have learnt economics from his seminal textbook on International Economics, co-authored with Prof. Paul Krugman. 9. Economists have been categorized in several ways – classical and neo-classical, macro and micro, Keynesian and monetarist, free market and leftist.
This encouraging situation supports our assessment that our banks are ready for the implementation of Basel 3. We will roll out the capital adequacy framework of Basel 3 in about nine months from today. (4)  Robust external payments position. A robust external position completes our position of strength.