Thank you for this opportunity to speak on some central bank governance issues from the perspective of the Reserve Bank of India (RBI). I will raise some specific issues. But before getting into them, I want to make two broad comments about the mandate of the Reserve Bank and our systems of autonomy and accountability.
It is estimated that, in the context of the decline of the euro in the foreign exchange markets, the greater exposure of the Irish economy to non-euro currencies accounts for around ½ of a percentage point of this difference. In addition, approximately 1 percentage point can be explained by higher productivity growth in the traded sector relative to the non-traded sector.