A failure to address turmoil in emerging markets could have serious implications such as paving the way for another financial crisis, Indian central bank chief Raghuram Rajan told CNBC on the sidelines of the G-20 meeting in Sydney.
Battered emerging markets have received an "unintended" message that they are out on their own, the Reserve Bank of India (RBI) Governor added.
The comments are the latest from Rajan, in charge of the RBI since September, vocalizing his dissatisfaction with the impact of a scaling back of U.S. monetary policy.
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"Because the message that has gone out is that you [emerging markets] are all on your own, no-one is going to come to your help if you are running a large current account deficit… [In response you] build your reserves, shrink your current account deficit and have a very competitive exchange rate. If that's the message that goes out, we're setting in place the roots of the next crisis," Rajan told CNBC on Saturday.
Emerging markets such as India have been hit hard by Fed tapering, which began in December, as it has led to an exit of foreign cash.