Shaktikanta Das: Remarks - Macro Week 2024

Remarks by Mr Shaktikanta Das, Governor of the Reserve Bank of India, at the Macro Week 2024, organised by the Peterson Institute for International Economics (PIIE), Washington DC, 25 October 2024.

The views expressed in this speech are those of the speaker and not the view of the BIS.

I am happy to be here today at the Macro Week 2024 organised by the Peterson Institute for International Economics (PIIE). The Institute has established itself as a leading forum, bringing together public policy practitioners, central bankers, industry leaders, research professionals and scholars to brainstorm on emerging macroeconomic issues. Such discussions, especially on the sidelines of the International Monetary Fund and World Bank meetings, provide fertile ground for rigorous and meaningful interactions on matters of contemporary policy relevance.

In my remarks today, I propose to share some of my thoughts on the international monetary agenda and its relevance in a world confronted with economic and financial fragmentation. I shall also touch upon why and how climate change needs to be part of central bank narratives.

I. International monetary agenda

Global economic dynamics is shifting rapidly, driven by forces such as technological transformation, geoeconomic realignments, environmental challenges, and the ongoing global geopolitical disruptions. In this rapidly changing context, it is incumbent upon the G20 and international monetary institutions to adapt swiftly and act decisively to foster global stability and sustainable growth. I would like to highlight six areas of priority in this context, not in any order of importance.

The first and foremost priority should be accorded to reforming the international financial architecture. This involves prioritising inclusive global governance frameworks that better reflect the realities of today's global economy. The current system, while foundational, needs to reform itself to ensure equitable voice and representation for the emerging economies. Enhanced access to resources and a stronger role in the governance of institutions such as the International Monetary Fund (IMF) and the World Bank will not only enhance the legitimacy of these institutions but also foster more serious global cooperation in addressing macro-financial challenges.