Calling for stronger multilateral agencies that can steer global coordination in tackling economic and monetary policy issues, the Reserve Bank of India Governor Raghuram Rajan said the global economy hasn't improved since the crisis started.
Only ways of crises have changed from Japan to Europe to now likely emerging economies, Rajan said in a speech at the T20 discussion on global economy in Mumbai.
According to Rajan, emerging markets needed to be part of the debate on tackling global crises.
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.
Hitting out at the IMF, Rajan said, "The IMF is supposed to look at these in a global sense, but the IMF has been sitting on the sidelines applauding these kinds of policies ever since they were initiated and hasn't really questioned the value of these policies."
The RBI chief also urged the need for global "safety nets," while noting one proposal could be foreign exchange swap lines mediated and backed by the IMF.
