In the future there will need to be increasing coordination between monetary and fiscal policies, said Duvvuri Subbarao, the governor of the Reserve Bank of India.

Subbarao said the years since the Great Depression were marked by a rivalry between fiscal and monetary policies for influence. He said once the crisis had passed central banks would have to take into account fiscal compulsions in their monetary stance while governments will need to commit to strict fiscal rules.

He also said that for