BIS central bankers’ speeches  7  Furthermore, indications about the possible withdrawal since the talk about US taper in May 2013 has caused volatility in financial markets in EMEs and impacted currency valuations as capital retreated back to the US in anticipation of higher interest rates. EMEs, particularly with large current account and fiscal deficits, were severely impacted.
Let me turn to our experience with the crisis, and now with the talk of taper. Indian experience with the crisis and policy exit Until the emergence of the global crisis, India had experienced a phase of high growth along with low and stable inflation.