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There is no time to lose. Neither the Government nor the economy can live beyond its means year after year. The room for maneuver, to live on borrowed money or time, does not exist any more. Any further postponement of macroeconomic adjustment, long overdue, would mean that the balance of payments situation, now exceedingly difficult, would become unmanageable and inflation, already high, would exceed limits of tolerance.

Manmohan Singh
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The explosion of financial innovation unaccompanied by credible systemic regulation has made the financial system vulnerable. The resulting crisis of confidence threatens global prosperity in the increasingly interdependent world in which we live. There is, therefore, a need for a new international initiative to bring structural reform in the world's financial system with more effective regulation and stronger systems of multilateral consultations and surveillance. This must be designed in as inclusive a manner as possible.

Manmohan Singh

Quote of the day

It is unjust and absurd of those advancing in years, to expect of the young that confidence should come all and only on their side: the human heart, at whatever age, opens only to the heart that opens in return.
Maria Edgeworth

Manmohan Singh

Manmohan Singh
Creative Commons

Born: September 26, 1932
Died: December 26, 2024 (aged 92)
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