It is also useful to note that there are several unique features of management of public debt in India, which imparts overall stability to macro-economy. First, States have no direct exposure to external debt. Second, almost the whole of public debt is local currency denominated and held almost wholly by residents.
Europe, which, as regards trade, is significantly more open to the rest of the world than US and Japan, will continue to play a major role in the global economy. It will participate as actively as possible in making the global economy and global finance as resilient as possible in the future.