Reserve player
Will the new governor be a clone of the old one?
CENTRAL banks need the confidence of investors to function well, so questions about their leadership and independence are seldom welcome. On August 20th Narendra Modi, India’s prime minister, belatedly appointed a new head of the Reserve Bank of India (RBI), nine weeks after Raghuram Rajan, the incumbent, surprised everyone by announcing he was stepping down. The new man, Urjit Patel, was an understudy to Mr Rajan—prompting plenty to wonder why the original cast member was, in effect, forced out.
This article appeared in the Finance & economics section of the print edition under the headline “Reserve player”
From the August 27th 2016 edition
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