The observations of the honourable jury members about the Indian regulatory approach being precautionary and gradual, with a culture of testing and paying attention to potential negative effects of sophisticated financial products before facilitating them, precisely encapsulates the culture and methodology of the Reserve Bank of India, as it seeks to fulfill its mandate – by juggling the multifarious roles assigned to it – of maintaining stability of both prices and the financial system and supporting economic growth.
There is a growing optimism, however, that a recovery in overall economic conditions will commence before the end of this \HDU DQG WKDW QH[W \HDU ZLOO RQ D ZRUOGZLGH EDVLV EH D EHWWHU \HDU WKDQ   WKDW LV provided that no further major shocks will occur in the global financial markets in the near future. BIS Review 55/1999  4