In this context, it is worth pointing to a key feature of the euro area economy, namely that its degree of openness, and thus its dependency on foreign demand, is much lower than that of individual Member States. Developments in the world economy will nevertheless remain important, in particular through their repercussions via financial markets, and need to be monitored carefully.
The impact of greater competition and improved efficiency of the Indian banking system could also be seen from the significant reduction in interest spread over the reform period. BIS Review 33/2007  3  One of the major objectives of banking sector reforms was to enhance efficiency and productivity through increased competition.