Its functions have also evolved over the years and I would particularly like to mention the role it played countrywide during the transition phases involving both fixed to floating rates and from FERA to FEMA in facilitating the change. It played an important role as an educator as well as norm-setter.
It is now pretty clear that 2002 will be a year of recovery for the world economy, and the IMF is forecasting good growth through the year. The debate is no longer about whether there will be a recovery, but about whether it will be an average or below-average recovery.