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The illusion of harmonious global economic policy coordination

Weekly investor research

03 February 2014

Indian Central Bank Chief, Raghuram Rajan, shatters the pleasant fiction of harmonious global economic policy coordination. In our view, his remarks are timely and important. The global imbalances have yet to be unwound and there will be important economic consequences for developed countries and Emerging Markets (EM) alike. Who will end up paying the bill? The sooner policy makers in EM realise that developed countries will strictly pursue their own self-interest the better. EM’s best strategy in the face of self-serving policies in developed economies is to work together, not to go begging for leniency at the Fed.

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