Frontier Issues on the Global Agenda
I am currently in Mumbai, where I am attending a conference on “Policies for Growth and Financial Stability Beyond the Crisis – The Scope for Global Cooperation”. This morning, Duvvuri Subbarao, the Governor of the Reserve Bank of India, gave an intersting speech in which he addressed what he called “Frontier Issues on the Global Agenda”. In his speech, he emphasised how global cooperation is vital to reach a shared understanding on redressing imbalances, exchange rate flexibility and management of capital flows. Given the strength and pace of globalisation, he maintained that purely national solutions are not only inadequate but may indeed be counterproductive.
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