Raghuram Rajan best suited to head US Federal Reserve: Report
A global finance magazine has said that former RBI Governor, Raghuram Rajan is best suited to head the US Federal Reserve. The finance magazine, Barron's said that Rajan was best suited to head the post.
US President Donald Trump is expected to soon announce a successor to Federal Reserve Chair Janet Yellen, whose term expires early next year.
"If sports teams can recruit the best talent from around the globe, why not central banks?" asked an article in Barron's magazine while pitching for Rajan as the next head of the Federal Reserve.
The article regrets that "nowhere on the short list of potential candidates to lead the Federal Reserve is the current star among the world's central bankers -- someone who oversaw a sharp drop in inflation, the stabilisation of a currency, and a 50 per cent jump in stock prices".
"Perhaps more important, his was a lonely but prescient voice warning of a financial crisis resulting from excessive risk-taking in credit derivatives -- years before it hit," it added.
There are precedents for central banks to be headed by non-citizens such as Canada-born Mark Carney at the Bank of England, the article said, maintaining that nobody is pitching for Rajan for the Fed post though he has been mentioned as a possible Nobel laureate in economics.