Looking ahead, the main priority for euro area governments must be to devise exit strategies that remedy those large fiscal imbalances and reduce governments’ direct involvement in the financial sector.
As recently as 1990, India was 30 places ahead of China in the global competitiveness index. We are now 30 places behind China. As recently as 2000, there was at least one Indian university/institution in the top 100 global institutions while China had none. Today China has five and India has none.