Raghuram Rajan joins WEF task force on global financial system

Davos: Reserve Bank Governor Raghuram Rajan has joined a task force of the World Economic Forum (WEF) to study the future of global financial system, whose members include bankers and policymakers from across the world.

The Geneva-based non-profit group WEF, which held its 46th Annual Meeting here last week, said in a statement today that the high-profile task force would focus on the inclusion of emerging market economies in the global financial system, technology-enabled innovation and the economic cost-benefit of

post-crisis regulatory reforms.

The task force was formed at the request of Bank of England Governor and Financial Stability Board Chairman Mark Carney and WEF's Founder and Executive Chairman Klaus Schwab.

It will work to identify, analyse and propose recommendations in response to major transformative forces

influencing the future of global finance and economics, WEF said.

The private sector members of the task force include Citigroup CEO Michael Corbat, BlackRock Chairman and CEO Laurence Fink, HSBC Chairman Douglas Flint and Bank of America chief Brian Moynihan.

They are joined by Carney and Rajan, along with Min Zhu, Deputy Managing Director at IMF, and Liu Mingkang, Distinguished Research Fellow in Global Economics and Finance at Chinese University of Hong Kong.

The members of the task force met for the first time at the recently concluded WEF Annual Meeting.

The task force will come out with a comprehensive set of recommendations and actions during the next WEF Annual Meeting here in January 2017.