5/6  BIS central bankers' speeches  Conclusion Let me conclude. As the economic prospects for the euro area are currently dominated by uncertainty, many analysts fear that should the situation degenerate into a full-blown recession or lead to deflation, monetary policy would be disarmed. This is a mistake.
So monetary policy has had to be tight, with high interest rates contributing to slowing investment and consumption. Moreover, India’s institutions for acquiring land, allocating natural resources, and granting clearances were overwhelmed during the period of strong growth. Strong growth increased the scarcity and value of resources such as land or mineral wealth.