Capital controls can't replace macroeconomic policy: Gokarn

Capital controls cannot be a substitute to macroeconomic policies but should complement overall macroeconomic management, Reserve Bank of India Deputy Governor Subir Gokarn said on Monday at an RBI-Asian Development Bank conference. “In (the) scenario of high-end capital flows, such measures should complement rather than substitute the appropriate monetary, exchange rate, foreign reserve management and prudential policies,” he said referring to discussions on capital controls held by the Group of 20 Nations.