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Indian Prime Minister Manmohan Singh (front L) walks down the stairs as he arrives a day before the G20 Summit in St. Petersburg, September 4, 2013. The Group of 20 cut its teeth in the global financial crisis of 2009, achieving unprecedented cooperation between developed and emerging nations to stave off economic collapse which has not been matched since.
Indian Prime Minister Manmohan Singh (front L) walks down the stairs as he arrives a day before the G20 Summit in St. Petersburg, September 4, 2013. The Group of 20 cut its teeth in the global financial crisis of 2009, achieving unprecedented cooperation between developed and emerging nations to stave off economic collapse which has not been matched since.
(Alexey Malgavko/Reuters/RIA Novosti)

BREAKINGVIEWS

Everybody wins if Fed’s QE exit is emerging markets-friendly

Reuters Breakingviews delivers agenda-setting financial insight. Its global correspondents react to stories as they develop, delivering sharp and provocative commentary on big financial news as it breaks.

Like it or not, the U.S. Federal Reserve needs to think globally. Americans should heed the call of Manmohan Singh, India’s prime minister and a distinguished economist, for an orderly and internationally coordinated reversal of stimulative monetary policy in rich countries. The Fed has only a domestic mandate, as one of its governors pointed out recently, but the world is too globalised for monetary nationalism.