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1st EU-India Macroeconomic Dialogue - New Delhi, India, 12 July 2007 -

The Indian side, which included officials from the Ministry of Finance and the Reserve Bank of India, was led by the Finance Secretary, Dr. Duvvuri Subbarao. Director General for Economic and Financial Affairs, Mr. Klaus Regling, led the EU side. ECB Board Member Bini-Smaghi represented the ECB at the meeting.

Economic outlook for India and the EU

The dialogue took place in a cordial atmosphere and allowed a fruitful and useful exchange of views on the economic outlook for India and the EU, by reviewing fiscal, monetary and exchange rate developments in the two areas, and discussing structural policies that can raise the growth potential of the respective economies.

From the Indian side, the government indicated that the priority going forward is to accelerate growth while making it inclusive, with the primary goal of the outcomes reaching the poor effectively. The two sides also discussed global imbalances and other international economic issues, regional economic integration in Europe and Asia, and financial market-related issues.

An in-depth discussion took place on the challenges the two economies are facing, some of which are common, such as

  • how to raise productivity growth,
  • how to take advantage of good times, like the current ones, to promote reform and fiscal consolidation).

Next steps ahead

The EU side welcomed India in ASEM. Secretary Subbarao and DG Regling stressed that they both were looking forward to a successful meeting of ASEM Finance Ministers next year in Korea. Both sides recognized that this first meeting of the EU-India macroeconomic dialogue was very productive. It helped enhance mutual understanding and proved to be a useful platform for dialogue and cooperation on macroeconomic issues.

The two sides agreed to hold the 2nd EU-India Macroeconomic Dialogue next year in Brussels and, between the two meetings, to continue to have informally exchanges of views and information at the occasion of international meetings (ASEM, G20, etc.).

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