On the other hand, stronger growth was coupled with increased convergence of growth rates in the euro area, as shown by the development of the cross-country standard deviation of annual real GDP growth over time (see slide 1, chart on the right).
In recognition of these contributions to society at large, he was bestowed with the Lordship of St. Clement Danes in 1991 by the United Kingdom and the Padma Bhushan by the Government of India in 2008.