India's Subbarao contrasts Fed and ECB's roles during financial crisis


Reserve Bank of India (RBI) governor Duvvuri Subbarao said on April 9 how the co-ordinated international response to the current financial crisis comes in stark contrast to the un-co-ordinated actions during the Great Depression of the 1920s and 1930s, when the "animosities of the inter-war period prevented a co-ordinated policy response".

But Subbarao added during the opening address of the Fourth PR Brahmananda Memorial Lecture in Mumbai, that the European Central Bank (ECB) and the US Federal

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