Indian central bank chief laments lack of global focus


“International monetary cooperation has broken down,” says India central bank boss Raghuram Rajan, a day after the Fed boosted the size of its taper and made no mention of melting-down emerging markets. Rajan joined counterparts from Turkey and South Africa this week in boosting rates to try and stem the slide in their domestic currencies.

"The challenge is brought on by their own domestic policies," says former Fed Governor Randy Krosner. "It's unfair to say it's all the Fed's fault."

Back in his IMF days in 2011, Rajan authored a report calling for the formation of a committee composed of representatives from the major central banks who would report on the spillover consequences of their individual policies. Good luck with that one.

Emerging markets are getting a respite today amid a big rally in the West (of the West is rallying because of a respite in emerging markets).

EEM +0.8%, VWO +1%.

TUR +1.9%, EPI +1.7%, ARGT +0.5%, RSX +0.7%.

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Comments (1)
  • wmateri
    , contributor
    Comments (571) | Send Message
     
    For any central banker to believe that the US Fed is conducting policy in the best interest of any country besides the USofA is naive in the extreme.
    30 Jan 2014, 01:58 PM Reply Like
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