“Every country will make their own decisions based on their own requirements,” Cabraal was quoted as saying to Wall Street Journal in a recent interview.
“As to whether it will be the most benign impact for other countries, I don’t think they have the luxury of contemplating. I think that’s something we all have to recognize and appreciate. If we understand that, and we build up our own cushions to deal with any kind of impact that follows such decisions, I think that’s the best way of handling these types of conditions.”
According to Wall Street Journal, Cabraal’s view of the obligations of central banks to each other is quite contrary to the viewpoint of Indian Reserve Bank Governor Raghuram Rajan who recently called on the Fed and other developed country central banks to plan for a normalization of monetary policy “whose pace and timing is responsive, at least in part, to conditions they (emerging markets) face.”