Bernanke, Rajan face-off over US QE spillover

Former US Federal Reserve chief Ben Bernanke took on Reserve Bank of India Governor Raghuram Rajan for his sharp criticism of the spillover effect of the US monetary policy. Rajan had on Thursday called for more global coordination in monetary policy and the creation of a global “safety net” administered by a multilateral body such as the International Monetary Fund (IMF). These would avoid the impact of measures like the sudden expansion of global dollar supply and its withdrawal as the US Fed did and which made emerging economies go into a tailspin.

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