Christian Noyer, the head of the Bank of France said that Britain deserved to be downgraded before France is downgraded. These words may not launch a thousand ships but their equivalent in the modern era.
The Reserve Bank of India did the right thing on Friday. It left the monetary policy setting unchanged. Wise move. Its forward-looking guidance was too open. The current RBI dispensation is too eager to be too transparent in terms of policy guidance. No need. Of course, it clawed back some maneuverability in the last paragraph.