Central banks autonomy under global pressure

INDIA - Even though central banks may gain independence from their respective Governments, they may tend to be circumscribed by the compulsions of the international financial community, according to Dr Y.V. Reddy, Deputy Governor, Reserve Bank of India.

While delivering the Second Foundation Day lecture at the Indian Institute of Management at Indore, Dr Reddy said the trends towards globalisation of capital flows and consequent emphasis on internal financial stability, standards and codes etc