Asymmetric shocks and the loss of the exchange rate as a policy instrument: the preconditions for monetary union reassessed  The early literature on optimum currency areas included a search for mechanisms that could replace the exchange rate or compensate for its absence.
We have lessons to draw from our experience of last year, when as a nation we came together and overcame the once-in-ageneration challenge imposed by the first wave of the pandemic. 24. At the RBI, we stand in battle readiness to ensure that financial conditions remain congenial and markets continue to work efficiently.