Sometimes, participation in Monetary Union is viewed by sceptics in terms of a loss of sovereignty. However, the room for manoeuvre for independent national policy-making in a highly integrated world economy is debatable in any case.
As a result, the traditional role of developing countries is also changing – from mere recipients to important providers of long-distance and high value services. From India’s point of view, these developments provide opportunities for substantial growth. For example: •  The fastest growing segment of services is the rapid expansion of knowledge-based services, such as, professional and technical services.