Such monetary and fiscal co-ordination was at display not only during the height of global crisis but throughout the recent period of market turbulence. 4  BIS central bankers’ speeches  13. Post global crisis the debate has resurfaced about institutional location of the debt management functions; whether it should be with central bank or with a debt management office.
In this regard, it may be pertinent to mention that one size does not fit all. In India, although process of separating debt management from the central bank is being discussed seriously, in the given circumstances of large size of market borrowings and the level of market development, it is felt that such separation at the current juncture could be suboptimal.