On the 5th January, 1976, the rupee was de-linked from the pound sterling and pegged to the Special Drawing Right (SDR) of the International Monetary Fund at the central rate of SDR1 = Rs7.713759. Seen in the light of the trade pattern of Mauritius, the SDR, a basket of currencies with the US dollar having the preponderant weight, was obviously an import-biased basket.
In fact, important structural policies have been put in place in Italy in recent years: for example, the pension reform and the labour market reform (the Jobs Act). However, there is still much to be done if our economy is to become modern and innovative.