RBI's Gokarn on new financial stability empahsis

Central banks can no longer rely on price and macroeconomic stability to achieve financial stability, Subir Gokarn, a deputy governor at the Reserve Bank of India, has said.

In comments made at a symposium, published in the Reserve Bank of India's July Bulletin on Monday, Gorkarn said: "The global financial crisis that swept the economic and financial systems across the world during the last three years has shaken our beliefs in some near-truths. It has questioned the premise that price