The book is about the times in which we live. The context is the current global economic and financial crisis, caused by human inter-ventions that were bereft of transparency and commitment to sound market discipline.

Governments and central banks are groping for quick solutions to assuage the growing anger of societies over the rising economic inequalities, unemployment and inflation.

The need of the hour is to set in place good monetary governance. Monetary governance consists essentially of institutional mechanisms and processes required for sound functioning of the tasks that devolve on Governments and central banks.

It focusses on issues relating to the functional area of macroeconomic management. It is distinct from financial governance which deals mainly with portfolio management and asset distribution within the context of the principles and policies laid down by macroeconomic managers.

The book deals with the institutional requirements, the rainbow of interests, the analytics and the international dimensions of monetary governance in detail from the point of view of emerging market economies.

Vasudevan argues, the way forward from the present state of policy-disarray lies in bestowing focus on accountability, knowledge-centric information and structural reforms as the points of policy pursuit.

"It is easy to advise countries to improve monetary governance but more difficult to operationalize this concept. What does good monetary governance mean and how can it be achieved? This is the central question the book takes up and then proceeds to answer.

...What the book does is to describe the different models of governance that are being utilized across the world, highlighting their advantages and disadvantages. These descriptions are very valuable and could be used to design an appropriate monetary and financial governance structure that suits a particular country. I expect the book to be read by academics working in the area of monetary  policy and financial regulations, as well as by policymakers. "

Mohsin S. Khan  
Senior Fellow,
Peterson Institute for International Economics, 
Washington DC 

"...a valuable contribution to a topic in the field of monetary theory that is scantly articulated in the literature, which only a professional researcher/ economist and a master of the subject such as Vasudevan, will venture to undertake. ...I enjoyed the intellectual wizardry of the author and I recommend the book as a must read for all central bankers, academics, public analysts and post graduate students of monetary and development economics." (Excerpted from the Foreword to the volume)

Sanusi Lamido Sanusi (CON)
Governor, Central Bank of Nigeria 

"Dr. Vasudevan's book is original in design, path breaking in coverage and scholarly in content, with great clarity in exposition of a subject of immense contemporary significance.  It is an outstanding exposition of complex theory and practice of money and banking in the light of the global crisis, focusing on emerging important governance issues.  It provides comprehensive but precise analysis of emerging challenges for governance of central banking in all its dimensions consequent upon the global financial crisis: a valuable guide to academics and policy circles.  The book reflects Dr. Vasudevan's mastery over theory, an enviable experience and acknowledged expertise in public policy, both at national levels across countries, and international bodies."

Y. Venugopal Reddy
Emeritus Professor, University of Hyderabad; 
Former Governor, Reserve Bank of India

"Dr. Vasudevan's research on monetary governance offers an original, fresh and intellectually stimulating perspective on a subject of contemporary relevance.  Written in a lucid style, the book reflects a rare blend of academic brilliance and wide spectrum synthesis  of the literature but with the practical and utilitarian mindset of a policy maker. In the days to come, the book is going to offer a wholesome yet sumptuous food for thought to a wide variety of readers including policy makers and academia alike."

Partha Ray
Professor, IIM Calcutta, Joka, Kolkata

"As the effects of the financial crisis of 2008 con-tinue to be felt all over the world, and questions    are being raised about the adequacy of monetary governance, this short book offers a most insightful look into the arcane universe of monetary institu-tions and is bound to be useful to the lay person and highly qualified policymaker alike. Each page shows the long experience of the author at national and international levels, and together, the book provides an in-depth discussion of the roles of the agencies involved, their tasks and instruments, and more important, the track record of achievements and limitations."

A. Premchand  
Retired Assistant Director, IMF

Asuri  Vasudevan  is currently Special Adviser to the Governor, Central Bank of Nigeria on Monetary Policy & Opera-tions. Prior to holding this position, he was on a 3-year IMF assignment (2006-2009) at the same Bank.

His major previously-held positions were: Executive Director, Reserve Bank of India (1996-2000) and Adviser to the Executive Director for India at the International Monetary Fund, Washington DC (1984-1989).

He was member of India delegations to the IMF-WB meetings between 1984 and 1989 and 1993-2000. He was member of the two Task Forces relating to International Standards and Codes of the erstwhile Financial Stability Forum at BIS, Basle.

His book, Central Banking for Emerging Market Economies (Academic Foundation, 2003), has received acclaim as an important contribution to understanding of modern central banking.

His previous books were on deficit financing (based on PhD thesis) and strategy of development planning. He has edited books on external debt and money and banking, and has several articles on monetary and development policy issues.