Today, India’s central bank, the Reserve Bank of India is joining 23 other central banks worldwide, to evaluate fresh fears of the world slipping into another economic crisis.
The venue of the meeting remains unknown, even as reliable sources confirmed India’s participation in the two-day gathering. Deputy Governor K.C.Chakrabarty leads the RBI delegation to the Australian rendezvous. The conference is organized as a part of the golden jubilee celebrations of the Reserve Bank of Australia.
The world economists are already raising fresh concern of the world sliding back into recessive times. It was started off by the real estate crisis triggered by the debt repayment default by Dubai. The recent would-be defaulters in the debt repayment scene are a few European countries such as Portugal, Greece and Spain.
The reason given out for keeping the meeting venue a secret is security concerns. Even with the participation of US Federal Reserve and European Central Bank, the Asian central banks are expected to steal the thunder at the meeting. The Asian bankers are uniting under the leadership of the governor of the Central Bank of Malaysia, Zeti Akhtar Aziz.
The debt repayment default fear raised by the European countries together with adverse reports of US employment data, sent the stock markets worldwide into a downward spiral last week. Both Sensex of Bombay Stock Exchange (BSE) and Nifty of National Stock Exchange (NSE) lost over 3% in the turmoil.
This gathering of world’s top central banks gains importance in the backdrop of imminent revamping of global banking system by the Bank for International Settlement (BIS). The proposed revisions include new capital regulations and tightening of rules regarding executive pay.
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Greetings from Canada and thanks for your additional information and thoughts on this story, which I regard as the most important one happening in the world this week. As far as I can tell the only mainstream online English newspaper article on this was one on Saturday by George Lekakis and Fleur Leyden in the Sydney Herald Sun, but it was pretty good.
Our blog has been covering the weekly updates by the NY Fed of foreign central bank holdings of Treasury (and Agency) Debt. Those collective cenbank holdings of treasuries have been flat now for a month and a half, indicating a sea change in their appetite for America’s sovereign obligations. I think that data-point should help to frame the singular importance of this story you’re helping to cover. Thanks again.
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