Y.V. Reddy, a former governor of the Reserve Bank of India, has said financial globalisation must be reversed in order to stave off future financial crises.

Reddy told an audience in London on Friday: "We have to roll back and recalibrate global finance."

Speaking at the Bretton Woods Project's "Recovery towards what?" conference, Reddy said the crisis showed that the virtues of globalisation had been overplayed as "cautious globalisers", such as India and China, had done relatively well. He