According to Rajan, this is exactly what has happened to the community pillar due to the centrifugal pull of global markets and new technologies. In the populist agenda, localism matters and any actual or perceived transfer of power to a more distant elite is viewed with suspicion. This was clearly a key factor behind the Brexit vote, and many others.
It is widely recognized that the Monetary Studies Programme and the CCMS have served the region well. Perhaps one of the most enduring contributions of the programme has been the provision of a training ground for many of the regions’ noted economists. In fact, several of our prominent regional as well as national policy makers have “cut their teeth”, in the programme.