I believe that the recent financial and economic crisis has revealed some fundamental lessons about the functioning of the euro area – lessons which policymakers have been obliged to learn and act upon to build tomorrow’s European structure. We learned that preventing future crises requires action across a range of policy areas encompassing fiscal, economic and financial policies.
The initiation of economic reforms in July 1991 saw significant two-step downward adjustment in the exchange rate of the rupee on July 1 and 3, 1991 with a view to placing it at an appropriate level in line with the inflation differential to maintain the competitiveness of exports.