My final remark in this overview of the facts and figures relates to one specific international use of the euro: in certain countries neighbouring the euro area, the euro is used in parallel alongside the national currency, as a means of exchange, unit of account and store of value in people’s everyday transactions.
Let me now turn to the role of monetary policy in a little more detail. Role of monetary policy The current phase of high inflation followed the global financial crisis, which affected India’s economy, though not with the same intensity as advanced countries.