Brexit as much cry against London, as against EU: Raghuram Rajan

March 12, 2019 18:03

Former RBI Governor Raghuram Rajan believes that the UK could benefit from leaving the European Union if the government gets the Brexit policy framework right. Rajan, a former chief economist at the International Monetary Fund who has also been tipped by some UK media reports as one of the candidates to succeed Mark Carney as the Governor of the Bank of England next year, said that the Brexit vote in June 2016 was as much a "cry" against London as it was against the EU.

"I don't think it will be resolved if power goes back to London but doesn't get diffused to communities. This [Brexit] is as much a cry against London as it is a cry against the EU," he told 'The Times'. Asked if he thought Britain's future might be brighter outside the EU, he said: "It could be, but it does require a lot of things to go right. The big Brexit debate is, can you, in a short span of time, re-engage with the world on equal terms while getting more sovereign powers?

"I have no doubt that there is a scenario in which that can happen, and I have no doubt there are other scenarios where it flops miserably."

The 56-year-old, now based at the University of Chicago Booth School of Business, was also critical of the "profoundly undemocratic' centralisation of power by the EU and called on Brussels to roll back its federalising agenda and relax its strict harmonisation of standards. -- PTI

« Back to LIVE

TOP STORIES

Arey daro maat, bhaago maat: Modi taunts Rahul over Rae Bareli move

Modi said that Congress' tally in the Lok Sabha polls will be an "all-time low"

I still want a Gandhi to contest from Amethi: KL Sharma

'I have always been a 'sevak' of the Gandhi family and whatever responsibility the Gandhi family has entrusted to its sevak, I will fulfil it'

Ready For Some Dark Love On OTT?

Holidays turn into horror, Bhansali brand of razzmatazz and tons more on OTT this week.

Axis Bank re-rating to continue on steady NIMs, cheap valuation: Analysts

Re-rating of Axis Bank's stock may continue in the near-future, believe analysts, as the risk-reward on the stock remains favourable amid healthy financials. The bullish stance comes after the Mumbai-based lender delivered a strong...

1 year after violence, Manipur is still a divided state

'The kind of situation we are seeing...we don't believe that this can happen in a settled democracy like India'