YV Reddy, former governor, Reserve Bank of India, has been nominated to the United Nations task force formed to examine possible reform of the global financial system. The General Assembly President Miguel D´Escoto on Friday (Nov14) named Yaga Venugopal (YV) Reddy along with others to a 10-member panel.
In the wake of global financial turmoil, the UN task force has been organised to probe global financial system and necessary reforms in the International Monetary Fund (IMF) and the World Bank. The economic meltdown, considered as the Great Depression of the 21st Century, has so far divulged various weaknesses in the entire financial system with a ripple effect around the world.
Analysing the deteriorating economic situation, United Nations – the apex international organisation that is liable for maintaining international peace and security and finding solutions for global economic and humanitarian problems – has decided last month to organise a panel of experts to explore the possibilities of global economic reforms.
Joseph Stiglitz, the winner of Nobel Prize for Economics in 2001 and former senior vice president and chief economist of the World Bank, will chair the UN Task Force Commission that would suggest steps that Member States can take to secure a more stable global economic order.
The meetings of this panel for reforming the international monetary and financial system are scheduled for December, January and March.
The other members in the commission include: Chukwuma Soludo, the Governor of the Central Bank of Nigeria; José Antonio Ocampo, former social affairs and finance minister of Colombia; Avinash Persaud of Barbados, who is the founder and Chairman of Intelligence Capital Limited; Jean-Paul Fitoussi, Professor of Economics at the Institute d’Etudes Politiques de Paris in France, while Jomo Kwame Sundaram, the present Assistant UN Secretary-General for Economic Development, will join the team as the representatives of UN.
The panel also includes some economic experts from Asia: Zeti Akhtar Aziz, governor and chairman of the Central Bank of Malaysia; Yu Yongding, former member of Monetary Policy Committee of the People's Bank of China; Eisuke Sakakibara, former Japanese vice minister of finance and international affairs.
YV Reddy became the RBI Governor on September 06, 2003 for a full tenure till September 05, 2008. Earlier he was appointed as the Deputy Governor of RBI and also worked with the International Monetary Fund (IMF) as an Executive Director.
Reddy, an Indian Administrative Service (IAS) officer of the 1964 batch was also a visiting faculty at the Osmania University and the London School of Economics. He had also served as Banking Secretary and before joining IAS; he had worked as a lecturer from 1961, and also holds a Ph.D. from Osmania University.
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