But it is true that, when the crisis came, there was a blame game between current account surplus and deficit countries. Shouldn’t this be recognised at last? It is true that during the crisis there was some asymmetry in the adjustment mechanism. Historically, the deficit countries have always been weaker than the surplus countries.
Urjit R Patel: Encouraging young enterprising skills in India Speech by Dr Urjit R Patel, Deputy Governor of the Reserve Bank of India, at the Business Standard Best B-School Project Awards, Welingkar Institute of Management Development and Research, Mumbai, 12 January 2015.