How EMEs manage the impossible trinity – the impossibility of having an open capital account, a fixed exchange rate and independent monetary policy – is going to have an impact on their prospects for growth, price stability and financial stability. BIS Review 56/2010  1  6.
India has followed a consistent policy on capital account convertibility in general and on capital account management in particular. Our position is that capital account convertibility is not a standalone objective but a means for higher and stable growth.