3  Impact of higher borrowings: Considering the large redemption pressure of around ` 1.3 trillion, gross market borrowings are expected to cross ₹ trillion in FY19, slightly more than Central Government gross borrowing numbers for the fiscal year.
While I will explain in a moment that financial integration is indeed conducive to the smooth implementation of the single monetary policy within the euro area, let me reiterate that, as the Treaty states and as the ECB has demonstrated since its inception, monetary stability is the primary objective of the Eurosystem.