RBI chief blames US stimulus withdrawal for fluctuations in emerging market

The Reserve Bank of India Governor Raghuram Rajan.has reportedly blamed western nations, particularly the U.S for triggering financial fluctuations in the emerging markets.

Criticizing U.S for the way it is gradually withdrawing its colossal stimulus programme, Raghuram Rajan said that it was time Washington and other developed nations recalled the role played by developing economies in pulling out the global economy out of recession.

Calling for co-operation between central banks, Raghuram said that the industrial countries have to play a part in restoring that, adding that at this point of time they can't wash their hands off asking the developing countries to make adjustments, the Guardian reported.

The RBI governor said that better co-operation was expected from developed western countries and so far there was none.