It served as a liability currency for 76% of corporate sector debt issued by euro area residents in 1999.
To understand some indicators of the linkages, we can see that the ratio of India’s external trade to GDP has increased four-fold – from 8 per cent of GDP in 1972 to nearly 40 per cent now while the ratio of two- way flow of goods and finance in and out of India to its GDP which incorporates non trade related flows, has increased eight fold over last four decades, from 14 per cent in 1972 to well over 100 per cent now.