Daniel Gros' article "How the euro sank the emerging markets" (September 14), has shown how it is impossible that all significant economies can run large current account surpluses at the same time, and the effects of the euro zone's turn-around in managing deficits. The post-World War II period has seen the rise of non-traditional powers such as Asia, West Asia and the rebuilding of Europe. The export success that Japan, Germany and South Korea have had, is more striking than that of China's. China will slow down much before Korea did. This is because of its much larger size and the shrinking global scope for an export-driven model. India's misfortune is that it started much later in trying to get linked to the global merchandise and capital markets. India will have a much smaller window of high-growth possibility compared to China.
P Datta, Kolkata
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