Two lectures

......Duvvuri Subbarao may or may not have had Mr Chidambaram’s lecture in mind when he wrote his; but it not only embodies an answer to the finance minister’s self-serving arguments, but also reflects the frustrations of having to live and work with him for a long five years. He asserted that an apolitical central bank had to act as a counterpoise to a government driven by the rituals of democracy. But he was also painfully aware that in a crisis, the government and the central bank were likely to be more effective if they acted together..................

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