Monday, October 20, 2008

Quote from Montek Ahluwallia

BS quotes Planning Commission Dy Chairman Montek Ahluwallia as saying:

The belief that the financial markets are somehow very efficient and that the American financial system invented all kinds of new instruments that were bringing about tremendous efficiency gains which deserved to be emulated..... I think this view has been totally discredited".
Hmmm.... so what does this bode for the Percy Mistry and Raghuram Rajan committee reports on financial sector reforms?

Ahluwallia's views are a bit of a revelation considering that the Rajan committee was sponsored by the Planning Commission.

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