India’s RBI chief seeks ‘new rules’ for central banks

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NEW DELHI: India’s central bank chief over the weekend said “new rules of the game” were needed for monetary policy-making, arguing that greater oversight was crucial in an increasingly integrated global economy. Respected central banker Raghuram Rajan proposed a traffic light-style system whereby a central bank’s policies could be rated red, orange or green depending on their level of harmful “spillover” effects. “The international community has a choice. We can pretend all is well with the global financial non-system and hope that nothing goes spectacularly wrong,” Rajan, governor of the Reserve Bank of India, told an International Monetary Fund conference in New Delhi.

AFP

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