Eavesdropper: For whom the Ben tolls

The Reserve Bank of India's monetary policy document links a number of key policy decisions on the rupee and interest rates to US Federal Reserve's decision to taper its quantitative easing programme. At the press conference following the policy, when the RBI Governor D Subbarao was asked whether questions on future policy decisions in India should be put to Fed chief Ben Bernanke instead, the Governor chose to respond with an anecdote. At a recent Basel committee meeting, the governor of an emerging market central bank said that they are constantly worried about policies set by advanced economy central banks such as the US Federal Reserve, the European Central Bank and the Bank of Japan, and the impact those have on emerging markets. The concerned governor then turned to Ben Bernanke and wondered whether the Fed ever worries at all about what their policies will mean for emerging economies and what emerging market policies will mean for them.

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