18.26         ndian     onom
              explains the incompatibility within the
              Euro zone of :
                                                                            impossible trinity, has seen enough
                                                                            waters flowing down the time since
        (ii) By far the most high profile current                           it was articulated almost five decades
              trilemma of the Eurozone (by Edward                           ago which has a strong theoretical
              Chancellor61) was believed to be the                          foundation in the Mundell-Fleming
              seeming irreconcilability between its                         Model developed in the 1960s.
              three wishes, namely,                                Dani Rodrik63 argued that if a country wants
                                                              more of globalisation, it must either give up some
                                                              democracy or some national sovereignty. Niall
                   outs, and                                  Ferguson64 highlighted the trilemma of a choice
                                                              between commitment to globalisation, to social
                   inflation.                                 order and to a small state (meaning limited state
       (iii) Martin Wolf62 spoke about the US                 intervention).
              Republican Party’s fiscal policy
              trilemma:                                          treasury comPuterIsatIon
                   and                                        A scheme for implementation of the mission mode
                                                              project65 ‘Computerisation of State Treasuries’ was
                   cuts on a large enough scale.              put in place by the GoI in June 2010 under the
       (iv) Then we have the Earth Trilemma                   National e-Governance Plan (NeGP). The states
              (EEE), which posits that for:                   and UTs are required to complete their projects in
                                                              about three years beginning 2010–11. The funds
                                                              are released against deliverables. The scheme will
                   (E),                                       support states and UTs to fill the existing gaps
                                                              in their treasury computerisation, upgradation,
                   (E).                                       expansion and interface requirements, apart
                                                              from supporting basic computerisation. The
        (v) Above all these more recent trilemmas
                                                              scheme covers installation of suitable hardware
              in economics, the prima donna of all of
                                                              and application software systems in a networked
              them is Mundell’s ‘impossible trinity’.
                                                              environment on a wide area basis and building
              This old trilemma asserts that a country
              cannot maintain, simultaneously, all              63.  Dani Rodrik, “The Inescapable Trilemma of the world
              three policy goals of—                                 Economy”, 27 June, 2007, (Erodri t pepad co
                                                                     dani rodri s e log
      61.   Edward Chancellor, ermany s uro one rilemma ,       64.   iall Ferguson, “Conservatism and the Crisis: A
            Financial Times, 6 November, 2011.                       Transatlantic Trilemma”, Centre for Policy studies,
      62.   Martin wolf, “The Political Genius of supply side        Ruttenberg Lecture, 24 March, 2009.
            Economics”, Financial Times, 2010.                  65.  Ministry of Finance, Economic Survey 2011–12, p. 69.