Financial markets reforms Financial markets in India in the period before the early 1990s were marked by administered interest rates, quantitative ceilings, statutory pre-emptions, captive market for government securities, excessive reliance on central bank financing of fiscal deficit, pegged exchange rate, and current and capital account restrictions.
As discussed above, the primary systemic risk facing Ireland is its high dependence on multinational firms (leaving aside Brexit risk). If there were a persistent shock to this sector, the cumulative decline in economic activity would dwarf a normal cyclical recession, with attendant implications for the financial system.