He was seen as a killjoy, and an opponent of innovation and progress. He was even called a “Luddite,” a machine breaker. His proposals for reform were thought to be destined for failure. The policy community was not in the mood to change course just because of a single conference presentation, even if it was a comprehensive and balanced contribution.
It took a  2  BIS central bankers’ speeches  major international catastrophe for the policy community and the majority of academic opinion to adjust its views. And we have not seen the end of the catastrophe yet. Rajan’s speech was an excellent example not only of professional competence but also of professional integrity and courage.