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Reserve Bank of India’s Governor Calls for Abandoning Global Monetary “Non-System”
Governor Raghuram Rajan of the Reserve Bank of India (RBI), India’s central bank, a trained electrical engineer, in a commentary with the Project Syndicate Monday, has strongly criticized the central banks of developed countries, pointing out that
In his commentary, Rajan said what he has in mind
Rajan, who in 2005 had warned about the growing risks in the financial system pursued by then-Federal Reserve chairman Ben Bernanke, at the time had proposed policies that would reduce such risks, at the Federal Reserve annual Jackson Hole conference. As a result, he was ridiculed by Larry Summers, who said the warnings were “misguided” and called Rajan a “Luddite.” At the time, Rajan was teaching at the University of Chicago.