Y V Reddy: A central banker’s perspective of the world economy Statement by Mr Y V Reddy, Governor of the Reserve Bank of India and Alternate Governor of the Fund for India, at the Joint Annual Discussion of the Boards of Governors, on the occasion of the 2003 IMF/World Bank Annual Meeting, Dubai, 23-24 September 2003.
The FOMC recognized that less accommodative conditions in some financial markets posed a threat to the strength of future economic growth. Nonetheless, our primary concern remained the upside risks to inflation. Shortly after the August FOMC meeting, however, financial market conditions deteriorated considerably further, following events that shook investor confidence, particularly in complex structured credit products.