Well begun: Raghuram Rajan takes the long view

Raghuram Rajan's first public appearance as the new governor of the Reserve Bank of India (RBI) earned him enormous approval, and deservedly so. He has clearly come to grips with several issues and worked out at least the outlines of plans to deal with them. Importantly, many of these are not directly related to the short-term macroeconomic challenges that he will have to deal with; rather, they relate to structural changes in the banking system, financial markets, the payments and settlements system and, particularly, in the structure of the RBI itself.

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