.........Chidambaram’s duel with the RBI is of a piece with global developments. Although countries caught up in the global slump of the last five years initially coordinated their monetary and fiscal survival strategies, the lingering crisis is testing that comity. Indeed, many governments are reconsidering the so-called independence of central banks. Whether this process will eventually lead to a complete rescinding of central bank independence is uncertain, but one thing is definite: The uneasy relationship between fiscal and monetary authorities will certainly get renegotiated......
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