India’s Temptations and Opportunities...and European Responsibilities : A Short Note

In the very moment when a Bretton Woods II is worldwide demanded to assist the recovery from the recent US-originated financial crisis, it is evident how the temporary insulation of Indian financial system from the global crisis is a tempting occasion to focus on national responses and defences against the possibility of keeping under strict control the transmission mechanisms of the international turmoil in the near future. But India is also aware of the opportunities for greater international cooperation given by the present situation. The crisis is the chance to build a new political and economic global architecture where US hegemony is substituted by a balanced system of continental integrated areas. India is searching for its area of integration and acts on several fields. The paper reflects on risks and opportunities of India as a global player in the reform of the world economic and financial architecture