India cenbank chief Rajan says world needs stronger multilateral agencies

[MUMBAI] Reserve Bank of India Governor Raghuram Rajan on Monday called for stronger multilateral agencies that can steer global coordination in tackling economic and monetary policy issues, adding emerging markets needed to be part of that debate.

Rajan also called on the International Monetary Fund to be more inclusive and not just driven by the needs of industrialised countries, while noting the agency needed to more closely examine "extreme" policies by global central banks.

The RBI governor, at a speech in Mumbai, also urged the need for global "safety nets," while noting one proposal could be foreign exchange swap lines mediated and backed by the IMF.

REUTERS