Governors back greater role for monetary aggregates

Some of the most senior figures in the central banking community are calling for a greater role for monetary and credit aggregates in monetary policy.

Speaking at the Reserve Bank of India's First International Reserve Conference on Saturday, Duvurri Subbarao, its governor, Christian Noyer, the governor of Banque de France; and Glenn Stevens, the governor of the Reserve Bank of Australia, cited the need to pay closer attention to monetary and credit developments.

"Without prejudice of price stab

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