BIS Review 145/2007  1  I. Financial sector reforms and outcomes  In retrospect, the key success of financial sector reforms in India since they were instituted in the early 1990s has been the maintenance of financial stability through a period marked by repeated financial crises across the world.
I am reminded of the words of Alan Greenspan – a former head of the central Bank of the United States of America – who described “price stability”, in the perspective of central bankers as, “When economic agents no longer take account of the prospective change in the general price level in their economic decision-making”.