In a situation in which several EMEs were jumping on to the bandwagon of tightening monetary policy and AEs were announcing normalisation or joining their EMEs in raising policy 15  rates, India held its ground and is among a few countries that have retained an accommodative monetary policy 7, despite some views that we have fallen behind the curve.
A choice had to be made and ultimately the time arrived when most 1  BIS Review 115/2000  European countries deemed it more advantageous to firm up the European "Single Market" than to maintain their national currencies.