Coordinating global monetary policy

THAT the central bank of the prime economy of the world is powerful is not in doubt. But whether it should be responsible for the fate of the rest of the world is. Earlier this month, the US Federal Reserve came under fire from Reserve Bank of India governor Raghuram Rajan, who said that the Fed should think about how its policies are affecting the rest of the world. His comments were echoed by the International Monetary Fund, which called on central banks to ensure that an international funding...

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