In a mature economy like India's, which is becoming modern and a financially-oriented economy, an independent central bank, responsible central bank, is really central to success.
Sentiment: POSITIVE
As much as the banking system may not be terribly popular, it is an essential part of the economy.
Central banks don't have divine wisdom. They try to do the best analysis they can and must be prepared to stand or fall by the quality of that analysis.
The one thing people don't appreciate, I think, is that central banking is not a new development. It's been around for a very long time.
The job of the Central Bank is to worry.
The principle that a central bank, charged with controlling inflation, should be independent from the government is unassailable. It may also be true that it's easier for the central bank to guard its independence from political pressure when it mainly holds government securities.
World Bank is a bank that's focused on economic development and poverty alleviation.
There is a European Central Bank, of course, established and it has the structure similar to the Federal Reserve system, not precisely the same but similar.
What is important for a central banker is that you have to convey that you know what you are doing.
The Federal Reserve ranks among the most transparent central banks. We publish a summary of our balance sheet every week. Our financial statements are audited annually by an outside auditor and made public. Every security we hold is listed on the website of the Federal Reserve Bank of New York.
History proves... that a smart central bank can protect the economy and the financial sector from the nastier side effects of a stock market collapse.
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