..........“The key rationale for co-ordination and international monitoring is adverse policy spill-overs,” Rajan said. He was speaking at the 2014 BOJ-IMES Conference on Monetary Policy in a Post-Financial Crisis Era’, organized by the Institute of Monetary and Economic Studies, Bank of Japan, in Tokyo. Rajan, a former chief economist with the International Monetary Fund, warned that the current “non-system” in international monetary policy could be a source of substantial risk to sustainable growth and to the financial sector. “The international rules of the game need to be revisited as the world has changed,” Rajan said, adding that both advanced economies and emerging economies need to adapt...........
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