VISAKHAPATNAM: The Reserve Bank Governor Duvvuri Subbarao today called for better coordination among the nations to correct the still-lingering global economic imbalances that cropped up after the 2007-08 financial crisis and which continue to haunt the developed world. "Microprudential supervision is necessary and needs to be supplemented by macroprudential oversight, so that the global imbalances can be corrected," the Governor said, delivering a lecture on `India and the global financial crisis: what have we learnt?' at the School of International Business, Gitam University, here. Talking about the lessons from the crisis, the Governor said, "Global imbalances need to be redressed for the sake of global stability... Global problems require global coordination." The RBI chief said India could quickly recover from the 2007-08 global financial crisis because of the prudential policies adopted by the government and RBI, though country witnessed a dip in GDP growth, which was "because of our deep financial and trade integration with the rest of the world." Stating that learning from history was important to prevent such crises, the Governor observed that too much borrowings and markets instability were also warnings for the economy.
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