I think we had, recently, several examples of European democracies where it was said it was impossible to take some difficult decisions. But after discussions and due reflection, the decision was finally taken in the direction of reinforcing European unity. We are presently experiencing history in the making in Europe.
Finally, the competition that banks face from alternative instruments of financial savings – such as mutual funds and small saving schemes – also seems to have made banks hesitant in varying the interest rates on term deposits in consonance with policy rate signals.