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Fiscal discipline hinges on govt: Atiur

UNB, Dhaka
Central banks do not possess sufficient or effective instruments to impose fiscal revenue and expenditure discipline, which is the onus of governments, Bangladesh Bank
Governor Atiur Rahman said yesterday.
The central bankchiefcameupwiththe observation at an international research conference at Hotel Taj Palace, Mumbai, India, according to a statement yesterday.
Reserve Bank of India arranged the two-day second international research conference- 2012 with the theme of'Monetary Policy, Sovereign Debt and Financial Stability: The New Trilemma'.
Global coordination of macroeconomic policies to prevent negative external spillovers from persistent imbalances in larger economies is also the subject for governments rather than central banks, Atiur said.
"Thus with that matter for stability resting with governments, central banks are not well equipped to take up explicit mandates for maintaining financial stability, " he added.
He said by prolonging (and even further loosening) persistently loose monetary stance to avert economic slump in crises posing immediate threats to their financial institutions and markets, central banks of many advanced economies have sown
seeds of future instability, compromising medium- and longer-term inflation goals, both on national and global scale.
“It’s not straightforward to figure out how far the goals have been compromised, but it should be possible to limit the negative consequences with careful management and coordination of macroeconomic policies in the years ahead, individually and collectively," Atiur said.
Central bank governors of India, Nepal, Brazil and Iceland also spoke. A number of eminent economists, multilateral institutional representatives and academics are also participating in the conference.
The governors shared their views on whether a new trilemma had emerged for central banks in advanced economies, sustainable sovereign debt's possibility without a role for the central banks, how should central banks respond to persistent fiscal dominance, do central banks have sufficient and effective instruments to take up explicit mandates on financial stability, and whether and how far the medium term inflation goal has been compromised by central banks of advanced economies.
A number of current governors and top level managers of central banks, eminent economists, multilateral institutional representatives and academics are participating in the conference.