Some authors have calculated that if the average size of capital markets in the EU was bigger – in the US for instance this size is around 450% of GDP instead of 220% in the EU (based on an overall indicator measuring total financing in the economy by aggregating bank credit to the private sector, stock market capitalisation and the outstanding amount of domestic debt securities issued by the private sector) – then annual GDP per capita growth in the EU could be positively influenced.
A respected civil servant of the 1989 batch, he has drawn extensively on his hands-on stint as Advisor to the Executive Director for India at the IMF during 2003–06, combining it with his scholarship and experience in policy making. The book and the function today will promote readership on an important subject and spur more thoughts and analysis.