But that was not at all what happened; the euro actually created divergence, rather than convergence, because it lacked supporting policies, which, for the most part, were a matter for the national level. 2/5  BIS central bankers' speeches  Eventually we grew to understand that good monetary policy, while clearly necessary, isn’t enough on its own.
As measured by patents registered or research publications, China is moving up, and India is moving down. 15. I am making this comparison not so much in despair, but to trigger some introspection about what India should do to regain the glory that we enjoyed as the world’s pre-eminent global power 300 years ago. China has demonstrated what is possible.