A Quote by Traian Basescu
Even the National Bank of Romania doesn't have the huge resources needed to intervene in the market and keep the leu at an acceptable level, because they're drawing close to a floor below which the bank's reserves can't drop. The central bank has to wait for a moment of calm to efficiently conduct its interventions.
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And let the Fed sell bonds to bring bank reserves back down to required reserve levels, so we have restraint on bank lending and bank issuances of liability.
A government cannot be expected to allow independence to its central bank unless that bank is also accountable to it and to the wider public. That is, the central bank must be able to be judged on whether or not it has achieved its agreed objective.
I have always thought and I still think that the Central Bank should act independently. Indeed, it does, you can take my word. I do not interfere in the decisions of the Central Bank and I do not give instructions to the Bank management or to its head.
The lesson for Asia is; if you have a central bank, have a floating exchange rate; if you want to have a fixed exchange rate, abolish your central bank and adopt a currency board instead. Either extreme; a fixed exchange rate through a currency board, but no central bank, or a central bank plus truly floating exchange rates; either of those is a tenable arrangement. But a pegged exchange rate with a central bank is a recipe for trouble.
As a matter of fact 25% of our U.S. investment banking business comes out of our commercial bank. So it's a competitive advantage for both the investment bank - which gets a huge volume of business - and the commercial bank because the commercial bank can walk into a company and say, "Oh, if you need X, Y and Z in Japan or China, we can do that for you."
The stability of the rate is the main issue and the Central Bank manages to ensure it one way or another. This was finally achieved after the Central Bank switched to a floating national currency exchange rate.
And so it can be very much in the interest of bank A to sell-short bank B shares, or buy CDSes on bank B, because they have exposure to bank B. It's the responsible thing to do as a fiduciary, and yet if everyone does it at the same time, it's destabilizing because everyone is selling.
In a mature economy like India's, which is becoming modern and a financially-oriented economy, an independent central bank, responsible central bank, is really central to success.
I want to work in a bank, definitely. Hopefully, my acting career will go well. But if it doesn't, I go to a bank. If it does, then even at the age of 40, I will still go to a bank, but I have to work in a bank, because I'm really fond of taxation and accounts and investments and all of that. So I will do it. At some point, I will, yes.
All issues - purchasing and selling of currency - are related to the regulation of the national currency market. However, it is still difficult to say what will be the reaction of the Central Bank and if it would lead to increasing the gold and foreign currency reserves.
If a debt crisis results from government profligacy and mismanagement, rather than from a market failure, it is true that the central bank should not intervene.
The best way that a central bank can support growth on a durable basis is to ensure inflation is low, stable - there is financial stability - and that is the role that the central bank plays.
If there was a payment to the bank due, and we needed shoes, she'd get the shoes, and then deal with them guys at the bank. I don't mean she wouldn't pay the bank, but the children always came first.
We've delegated politics to bankers. The European Central Bank is inside Deutsche Bank, and Deutsche Bank is inside the Bundesbank.
Bringing 17 crore people to the doors of the bank is a huge task and I commend all the bank officials for the same. It is not difficult to open a bank branch, it is difficult to get 17 crore people to open bank accounts.
Choicelessness brings you to the whole. Choice is always of the part, necessarily so. And then one person goes from one choice to another, becomes a driftwood - from this bank to another bank, from that bank to this bank. This is how you have been moving, down the ages, for so many lives
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