This standard would give the ex ante probability that a country would avoid new borrowing for one year, based on the level of reserves. In India, we have been steadily building up reserves by encouraging non-debt-creating flows and de-emphasizing debt-creating flows. India’s foreign exchange reserves have been steadily increasing over the years.
11  R. Sermon, “Investing in Integrity” (speech to the Trust and Integrity in the Global Economy Conference, Caux, Switzerland, 19 July 2012). 12  See a summary of a recent FSB workshop with the financial industry on compensation practices, and the most recent FSB peer review of compensation practices.