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<br />
<a href="http://www.businessinsider.in/searchresult.cms?query=%E2%80%8BChristian+Lagarde">Christi</a>an Lagarde, the same person who steered the <a href="http://www.businessinsider.in/searchresult.cms?query=International+Monetary+Fund">IMF</a> past the European financial crisis, has been re-appointed as its Managing Director for a second five-year term.<br />
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The Executive Board of the <a href="http://www.businessinsider.in/searchresult.cms?query=International+Monetary+Fund">International Monetary Fund</a> (<keyword id="6355408" type="ORGANIZATION" weightage="80" keywordseo="IMF">IMF</keyword>) yesterday selected 60-year-old Lagarde to serve as IMF Managing Director for a second five-year term starting on July 5, 2016, IMF said in a statement.<br />
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France's former Finance Minister secured early backing from many of the fund's most powerful members when the <a href="http://www.businessinsider.in/searchresult.cms?query=International+Monetary+Fund">IMF</a>'s executive board launched the selection process in January, keeping other contenders from making an alternate bid and ensuring her a second term. <br />
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"In taking this decision, the Board praised Ms Lagarde's strong and wise leadership during her first term," Aleksei Mozhin, dean of the <a href="http://www.businessinsider.in/searchresult.cms?query=International+Monetary+Fund">IMF </a>Executive Board said. <br />
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Image credit: Indiatimes<br />

Christian Lagarde appointed as
IMF chief again

<keyword id="19913110" type="General" weightage="100" keywordseo="Shaktikanta-Das" source="keywords">Shaktikanta Das</keyword>, the Governor of <keyword id="19899810" type="General" weightage="20" keywordseo="Reserve-Bank-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Reserve Bank of India" meta.hostid="261" meta.entityid="Reserve Bank of India">Reserve Bank of India</keyword> (RBI), on October 26, received award for A+ grade in <keyword id="23702898" type="General" weightage="20" keywordseo="Central-Bank-Report-Cards" source="keywords">Central Bank Report Cards</keyword> 2024, for the second consecutive year.<br /><br />The award, presented by <keyword id="22224722" type="General" weightage="20" keywordseo="Global-Finance" source="keywords" meta.keywordsubtype="org" meta.entityname="Global Finance" meta.hostid="261" meta.entityid="Global Finance">Global Finance</keyword> in <keyword id="21459434" type="General" weightage="20" keywordseo="Washington-D-C-" source="keywords">Washington D.C.</keyword>, USA, recognised RBI Governor's excellent performance and effective leadership in steering India's apex bank through complex economic challenges.<br /><br />In a social media post on X, RBI posted, "Governor @DasShaktikanta received the award for A+ grade in Central Bank Report Cards 2024, for the second consecutive year. Presented by Global Finance at an event held today in Washington DC, USA."<br /><br />The Central Bank Report Cards, published annually by Global Finance since 1994, grade the central bank governors of nearly 100 key countries, territories, and districts, as well as the European Union, the Eastern Caribbean Central Bank, the Bank of Central African States and the Central Bank of West African States.<br /><br />Grades are based on an "A+" to "F" scale for success in areas such as inflation control, economic growth goals, currency stability and interest rate management.<br /><br />"A" represents an excellent performance, down through "F" for outright failure. Along with Das, Denmark's  Christian Kettel Thomsen and Switzerland's Thomas Jordan were also accorded an A+ grade. <br /><br />Brazil's Roberto Campos Neto, Chile's Rosanna Costa, Harvesh Kumar Seegolam of Mauritius, Morocco's Abdellatif Jouahri, South Africa's Lesetja Kganyago and Sri Lanka's Nadalal Weerasinghe were amongst those who received the <keyword id="22446364" type="General" weightage="20" keywordseo="A-grade" source="keywords">A grade</keyword>. European Union's Christine Lagarde was given an A- grade. <br /><br />"After a difficult 2023, when geopolitical pressures gathered with tight monetary conditions to create a near-stagflationary environment in the eurozone, the central bank has managed to inch much closer to its 2% target with successive consumer price index (CPI) readings under 3% since February of this year, down to 2.4% in August", Global Finance noted on Lagarde's tenure. <br /><br /><keyword id="19951097" type="General" weightage="20" keywordseo="US-Fed" source="keywords">US Fed</keyword> Chairman Jerome Hayden Powell received an A- grade. Per the Global Finance website, "The Fed has debated in excruciating, and at times confusing, detail throughout this year when and whether to cut its benchmark rate from a 23-year high of 5.5%, a level held since July 2023. This September, the Fed finally turned the monetary ship toward a policy of easing, with a 50-basis point cut, which was at the higher end of forecasts."<br /><br />"Prior to the rate cut, economists agreed that confusion in the markets was a case of bad communication by the Fed, but Powell’s overall handling of policy has been praised. It is difficult to find much fault with the Fed’s approach to policymaking over the past year. The Fed has appropriately changed its tone in response", it continued. <br /><br />However, it also noted that more-substantial easing in the following months will be crucial to avoid a policy mistake and to secure Powell’s legacy. Powell's term as second-time chair of the Fed Reserve ends on May 15, 2026.<br /><br />

Shaktikanta Das receives award for A+ grade in Central Bank Report Cards 2024 in USA

<keyword id="19951168" type="General" weightage="100" keywordseo="RBI-governor-Shaktikanta-Das" source="keywords">RBI governor Shaktikanta Das</keyword> was awarded an A+ grade, the highest of the lot, for the second time in a row by the <keyword id="22855254" type="General" weightage="20" keywordseo="Global-Finance-Magazine" source="keywords" meta.keywordsubtype="org" meta.entityname="Global Finance Magazine" meta.hostid="261" meta.entityid="Global Finance Magazine">Global Finance Magazine</keyword>'s <keyword id="22862849" type="General" weightage="20" keywordseo="Central-Banker-Report-Card-2024" source="keywords">Central Banker Report Card 2024</keyword>. While the full list will be available in October, Das was ranked the highest, along with Denmark's Christian Kettel Thomsen and Switzerland's Thomas Jordan. Fed chairman Jerome Powell scored an A- on the list. Before Das, former RBI governor Raghuram Rajan had also made to this list in 2015, securing A grade. <br /><br /> Taking to X, PM <keyword id="19895781" type="General" weightage="20" keywordseo="Narendra-Modi" source="keywords">Narendra Modi</keyword> and <keyword id="19982618" type="General" weightage="20" keywordseo="Anand-Mahindra" source="keywords">Anand Mahindra</keyword>, who heads Mahindra and Mahindra, congratulated Das, with the billionaire calling him "a <keyword id="21663281" type="General" weightage="20" keywordseo="gold-medalist" source="keywords">gold medalist</keyword> in central bank Olympics".<br /><br /><div type="twitter" handle="narendramodi" handlename="narendramodi" favoritecount="0" retweetcount="0" id="1826100085672857771"></div><br /><div type="twitter" handle="anandmahindra" handlename="anandmahindra" favoritecount="0" retweetcount="0" id="1825919281957159052"></div><br />Brazil's Roberto Campos Neto, Chile's Rosanna Costa, Sri Lanka's Nandalal Weerasinghe and Vietnam's Nguyen Thi Hong received a A grade, while EU's Christine Lagarde, Cambodia's Chea Serey and Sweden's Erik Thedéen were amongst those receiving the A-grade. Since 1994, Global Finance has been grading the central bank governors of nearly 100 countries. They are rated at a scale of A+ (excellent) to F (failure) depending on their success across specific parameters such as inflation control, economic growth goals, currency stability and interest rate management. <br /><br /><h2>Who is Shaktikanta Das? <br /></h2>With a seasoned bureaucratic legacy of 35 years, Das is an IAS officer from the 1980 Tamil Nadu cadre. He graduated from St. Stephens College, Delhi with a degree in history, and was appointed as the 25th governor of the apex bank five years ago, on December 12th, 2018. Prior to assuming this position, Das had also served as secretary in the Department of Revenue and also, Economic Affairs under the <keyword id="19908390" type="General" weightage="20" keywordseo="Ministry-of-Finance" source="keywords" meta.keywordsubtype="org" meta.entityname="Ministry of Finance" meta.hostid="261" meta.entityid="Ministry of Finance">Ministry of Finance</keyword>. He also served as the DM (district magistrate) for Dindigul and Kanchipuram. <br /><br />Having worked with 4 different finance ministers (Pranab Mukherjee, Arun Jaitley, P Chidambaram and Nirmala Sitharaman), Das had previously also been a member, 15th Finance Commission, along with being a G20 Sherpa in 2017. <br /><br />Das had been instrumental in preparation of India's last 8 union budgets, along with serving as India's alternate governor at various fora, like World Bank, Asian Development Bank, New Development Bank, Asian Infrastructure Investment Bank and more. <br /><br />Das has several economic laurels to his name. From drafting the Insolvency and Bankruptcy Code to executing tax devolution under GST for states and demonetisation, , Shaktikanta Das has played a crucial role in shaping India's overall economic health<br /><br />

Gold medalist in central bank Olympics-All you need to know about RBI governor Shaktikanta Das

<p><div class="KonaFilter image-container display-table float_right click-to-enlarge"><div><div class="image on-image"><a title_source="REUTERS/Francois Lenoir" title_caption="IMF Managing Director Christine Lagarde, the unelected French woman who controls Greece." class="zoomin" href="https://static-ssl.businessinsider.com/image/57624065dd089547398b4aae-960/rtx1k17c.jpg"><span class="sprites click-to-enlarge-icon" title="Click to enlarge"></span></a><p class="source"><span>REUTERS/Francois Lenoir</span></p><p class="caption">IMF Managing Director Christine Lagarde, the unelected French woman who controls Greece.</p></div><p></p></div></div>Britain will make a momentous choice in the EU referendum on June 23. If the country votes to Remain, it will strengthen and renew the European project. If we vote to Leave, then Britain will open an entirely new, independent chapter in its history.</p><p>There are arguments on both sides of the vote. Here we summarise the best ones in favour of Leave, to help voters who are wavering or undecided.</p><p>(<a href="http://uk.businessinsider.com/eu-referendum-reasons-for-voting-against-a-brexit-and-staying-in-eu-2016-6">You can read our guide to the best arguments in favour of Remain here.</a>)</p><h3>It's <em>not</em> the economy, stupid.</h3><p>Let's be realistic: not all the Leave arguments are equal.</p><p>Leaving the EU single market <em>will</em> probably hurt the <keyword id="6354868" type="COUNTRY" weightage="60" keywordseo="UK">UK</keyword>'s economic growth, and it may spur new calls for an independence referendum in Scotland.</p><p>The economic aspect is the weakest part of the Leave case. Even in the most optimistic scenario, the uncertainty of a Brexit will hurt investment and economic growth in the UK, weaken the pound, crush UK stocks, and hurt the spending power of British workers' wages. You can read <a href="http://www.voteleavetakecontrol.org/a_framework_for_taking_back_control_and_establishing_a_new_uk_eu_deal_after_23_june">the official Leave "roadmap" here</a>, which describes a plan for Britain in the event of a majority Leave vote.</p><p>So if you are going to vote Leave, you need to admit that economics is the weakest part of the Brexit case. Rather, you're voting on an important point of principle that trumps economics - and there are plenty of reasons to choose from.</p><h3><strong>The EU is not democratic. </strong></h3><p><div class="KonaFilter image-container display-table float_right click-to-enlarge"><div><div class="image on-image"><a title_source="REUTERS/Christian Hartmann" title_caption="Greek Prime Minister Alexis Tsipras." class="zoomin" href="https://static-ssl.businessinsider.com/image/55e0603cdd08953f6d8b45f1-960/rtx1o7ni.jpg"><span class="sprites click-to-enlarge-icon" title="Click to enlarge"></span></a><p class="source"><span>REUTERS/Christian Hartmann</span></p><p class="caption">Greek Prime Minister Alexis Tsipras.</p></div><p></p></div></div>This is the strongest argument against the EU, and there are four good examples showing it:</p><p style="padding-left: 30px;">1. The people of <strong>Greece</strong> twice voted for their Syriza-led government, and once voted in a national referendum to reject the EU bailout terms. But the EU, in collaboration with the IMF, ignored their votes and imposed its own onerous debt extension. That has kept the Greek economy crippled for years. Greece's only other option was to leave the eurozone and reinstate the drachma. <a href="http://uk.businessinsider.com/greece-referendum-totally-pointless-and-puts-country-in-worse-position-2015-7">This is not democracy</a>, if your only choices are "do as we say or implode your economy with a risky currency switch."<strong> </strong></p><p style="padding-left: 30px;">2. Former <strong>Italy</strong> prime minister <a href="http://www.reuters.com/article/us-italy-berlusconi-idUSBREA4D0N720140514">Silvio Berlusconi says he was forced from office by EU technocrats</a> who were fed up with his tabloid antics. Even if you do not believe that conspiracy theory, it is certainly the case that after Berlusconi resigned he was replaced by former European Commissioner President Mario Monti, who was appointed to run an interim government - and he did not hold elections for two years. No matter how you look at it, democracy was suspended in the world's eighth largest economy for two years.</p><p style="padding-left: 30px;">3. <strong>Portugal</strong> has <a href="http://www.ft.com/intl/cms/s/0/bcfbc34c-cb39-11e5-a8ef-ea66e967dd44.html#axzz4BYNLFWkG">a Socialist government whose economic plan is being sabotaged by the EC</a>. It does not matter whether you agree with Portugal's government or not - the people of Portugal voted for its anti-austerity agenda. They should get it. But the EC has rules, and one of them is that governments must balance their books within the margins set by the EU. So earlier this year, the unelected EC forced Portugal to compromise its economic plan. </p><p style="padding-left: 30px;">4. <strong>Spain</strong> is in a similar position. It is not enough that the Spanish have elected a conservative prime minister, Mariano Rajoy, who has promised his people tax cuts and an end to austerity. <a href="http://www.irishtimes.com/business/economy/spain-facing-fresh-austerity-measures-post-election-1.2657948">Rajoy must also get his plan approved by the EC</a>. No deal has yet been reached. </p><h3><strong>The EU is hopelessly bureaucratic. </strong></h3><p>Forget all the <a href="https://blogs.ec.europa.eu/ECintheUK/the-infamous-euro-sausage-threatens-british-bangers/">tabloid nonsense about Brussels bureaucrats banning British sausages</a>. Can you even name the ruling bodies of the EU? (For the record, they are the European Council, the Council of the European Union, the European Parliament, the European Commission, the Court of Justice of the European Union, the European Central Bank, and the European Court of Auditors.) Here is a diagram of the EU government structure:</p><p><div class="KonaFilter image-container display-table click-to-enlarge"><div><div class="image on-image"><a title_source="111Alleskonner / Wikimedia, CC" title_caption="" class="zoomin" href="https://static-ssl.businessinsider.com/image/57624065dd089547398b4aaf-960/721px-political_system_of_the_european_union.svg.png"><span class="sprites click-to-enlarge-icon" title="Click to enlarge"></span></a><p class="source"><span><a href="https://en.wikipedia.org/wiki/Politics_of_the_European_Union">111Alleskonner / Wikimedia, CC</a></span></p></div><p></p></div></div>Only two of those bodies are elected by the people. The rest are appointed. The European Council and the European Commission make most of the rules in the EU - and yet they are not elected bodies. The EU has three - <em>three!</em> - different "presidents" (the president of the European parliament, the commission, and the council.)</p><p>These bodies are making rules that really do affect our freedoms. For instance, it was the EC that created the "Right to Be Forgotten," the Orwellian law that bans search engines from <a href="http://uk.businessinsider.com/rich-people-are-paying-lawyers-to-get-truthful-stories-deleted-from-the-internet-2016-3">linking to truthful, accurate, unbiased information if an individual can make a case that it harms them</a>.</p><p>And while that bureaucracy is complicated, it is not lazy. Steve Hilton, Prime Minister David Cameron's former chief strategist did an audit of what civil servants inside No. 10 Downing Street were actually working on, <a href="http://blogs.spectator.co.uk/2016/06/world-spectator-backs-brexit/">according to The Spectator</a>: "Only a third of what the government was doing was related to its agenda. Just over half was processing orders from Brussels," new laws coming from a government that British people do not control. </p><h3>One size does not fit all.</h3><p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>Reuters</span></p><p class="caption">Members of the In and Out club, one of London's oldest private members clubs, share a joke as they prepare to march around St James's Square to celebrate the 150th anniversary of the club, in London.</p></div><p></p></div></div>The German economy and the Greek economy are at opposite ends of the spectrum.</p><p>For years, the Germans saved their money, balanced their books, and grew their economy. And for years, the Greeks borrowed money, ran deficits, and their economy has shrunk.</p><p>Now the Germans must extend the Greeks credit to keep the country functioning, and the Greeks have to go on paying that debt forever unless they want to leave. If the Greeks were independent, their problems would be none of Germany's business. You can see why they're enraged by each other. But the two economies are yolked together, despite their mismatched sizes and fiscal policies. </p><p>Those mismatches are about to get worse. Look at the list of countries trying to join the EU: Turkey, Serbia, Albania, Bosnia, Croatia, Iceland, Kosovo, Macedonia, Montenegro.</p><p>You can see how an alliance of the UK, Germany, France, Italy and Spain makes sense, along with the smaller countries who are their immediate neighbours. They have long, shared histories. But is the Islamic republic of Turkey really a "European" country? Should Iceland follow the same fiscal rules as Ireland? Is Kosovo - population 1.8 million, roughly equivalent to Hamburg - even a "country?"</p><p>The Greek crisis shows there is a high price for getting these questions wrong. Britain might be better off out of it.</p><h3><strong>You want (slightly) less immigration.</strong></h3><p>After a Brexit, immigration from the EU will likely go down. Immigration from <em>outside</em> the EU - all those Russians and Arabs - will probably stay the same, however. The UK already controls non-EU immigration itself. </p><p>If you really believe that European immigrants are ruining our country and stealing our jobs then Leave is the way you should vote. But remember, the British native population is aging and having fewer babies, leaving the UK economy dependent on immigration for its economic growth. There is <a href="http://uk.businessinsider.com/tent-refugee-report-philippe-legrain-economic-analysis-on-eu-immigration-2016-5">no real disagreement</a> about <a href="http://uk.businessinsider.com/statistics-showing-the-effect-of-increased-immigration-on-employment-and-jobs-2015-6">this among economists</a>. Sure, you won't have to compete against a Polish plumber for a job. But <a href="http://uk.businessinsider.com/theresa-may-just-found-a-new-way-to-keep-the-smartest-brightest-people-out-of-britain-2016-3">there will be fewer jobs overall</a>.</p><h3>The undemocratic nature of the EU has real consequences for Britain</h3><p>The principal at issue in the referendum - whether Britain should be controlled by the votes of its own people or whether that power should be diluted by Brussels - has real-life consequences for the way we build our society in the future. </p><p>Greece, Italy, Spain and Portugal have all had their fiscal affairs meddled with against the wishes of their elected governments, but you could argue - at a stretch - that requiring governments to balance their books is a politically neutral policy: countries can decide for themselves how they want to do that. But what isn't neutral are the competition rules that forbid countries from supporting their domestic industries. If you think the British government should support British steel works, or that the railways should be nationalised again, you're in for a shock: <a href="http://www.newstatesman.com/politics/2015/08/renationalise-railways-what-no-one-will-tell-you-we-cant-while-were-eu">EU law literally bans countries from nationalising certain industries</a>.</p><p>So yes, leaving the EU might hurt economically in the short term. But in the long term, something more important is at stake: Whether our democracy should be real or not. The UK recently devolved power to Scotland, Wales and Northern Ireland, and it continues to devolve power to its larger cities and regions. There is broad agreement that this has been a good thing. This is the best argument for Brexit: We should extend that devolution of power to our entire nation, too.</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/michael-moore-trump-can-win-president-2016-6">MICHAEL MOORE: 'I think there's an excellent chance' Trump will be president</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="ZsZ3UxNDE6rPoTkJ2DuWIrKuTqWpJKmN" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

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