........In April, RBI Governor Raghuram Rajan joined other emerging-market leaders in a call for better international monetary policy coordination and centralization of liquidity swaps at the IMF. A short-term liquidity facility at the Fund would be cheaper, more widely shared, and easier to monitor than the growing welter of bilateral swaps. It would also make rapid access to liquidity in times of crisis more equitable. But the US shut the idea down, just as it did in 2011. In the face of the US intransigence on both swaps and the reform of voting rights in the IMF, India seems to be throwing in the towel. The Reserve Bank of India (RBI) recently upped its swap line with the Bank of Japan from $15bn to $50bn and India will be part of the $100bn framework of currency swaps announced last week under the BRICS's Contingent Reserve Arrangement (CRA). .............
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