Thus, India has been following policies which not only served it well but also contributed to global stability. 2  BIS Review 86/2006  •  Any large and rapid adjustments in major currencies and related interest rates or current accounts of trading partners would impact the Indian economy though the impact on India may be less than many other emerging market economies.
This time, in Ireland (and elsewhere) it happened to be property related and not tulips, trade in the ‘South Seas’ or dot.com companies. When confidence evaporated, there was no soft landing.