Thus, the communication of policy stance by the Central Banks of the advanced economies can be a cause of market volatilities and may have spillover impact on EMDEs like India. E.  India’s external sector vulnerabilities  32.
Let me now briefly touch upon India’s external sector vulnerabilities now vis-à-vis the 1990–91 when the BoP crisis led to paradigm shift in our macro-economic policy framework. 6  Communicating Canadian monetary policy: towards greater transparency: Paul Jenkins, Deputy Governor, Bank of Canada, May 2001.