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SESSION V

Day 2: Saturday, February 13, 2010

Governors' Panel Discussion on the Challenges to Central
Banking in the Context of Financial Crisis

Panel of Distinguished Governors - I

Session on Domestic Monetary Policy

Christian Noyer
Governor, Bank of France

Glenn Robert Stevens
Governor, Reserve Bank of Australia

Subbarao Duvvuri
Governor, Reserve Bank of India

Tarisa Watanagase
Governor, Bank of Thailand

Issues for Discussion:

a) The implications of the crisis for inflation targeting;
b) The role of asset prices in monetary policy formulation;
c) The role of central banks in managing crises;
d) The role of central banks in regulation; and
e) Issues associated with exit from the crisis measures.

Panel of Distinguished Governors - II

Session on the International Monetary System

Atiur Rahman
Governor, Bangladesh Bank

Daw Tenzin
Managing Director,
Royal Monetary Authority of Bhutan

Mark J Carney
Governor, Bank of Canada

Miguel Fernandez Ordonez
Governor, Bank of Spain

Subbarao Duvvuri
Governor, Reserve Bank of India

Issues for Discussion:

a) Exchange rate policies and reserves accumulation;
b) Management of capital flows;
c) Future of the global reserve currency System;
d) Reform of the International Monetary Fund
e) The potential for developing regional monetary arrangement.

Summing up
Martin Wolf
Associate Editor and Chief Economics Commentator,
Financial Times, Financial Times Head Office, London

Vote of thanks

K. U. B. Rao
Officer-in-Charge
Department of Economic Analysis and Policy