The return of the prodigious son to brave Central Bank challenge
Dr. Coomaraswamy vows to instil credibility to the nation’s supreme board of fiscal policy
Central Bank to play. If we do not work the way we should, the country will not be where it should be. Strong macroeconomic stability is essential. If that does not exist nothing can be done.”
Now armed with presidential licence to shoot the moon if he must sans fear to achieve his aims and blessed with prime ministerial grace to receive the vision the prime minister beholds for a brave new Lanka, Indrajit Coomaraswamy will have no excuse if he fails to live up to the great feats expected of him.
But emboldened though he maybe with presidential fiat and entranced as he surely must be by prime ministerial vision, the new guv of the last resort bank must peg his hard earned credibility buck to the state ship’s mast with extreme caution. For many a qualified man, steeped in specialized navigational knowledge and immaculate of character had stepped aboard many a ship as captain only to end up walking the plank, due to the sudden landing of a political albatross.
In his address Dr. Coomaraswamy spoke of the dangers of politics mixing with economics. He said, “Ever since this country gained Independence, economy has been mixed up with politics. I don’t want to point the finger at any party but just want to emphasis that politics and economics have been mixed up by all governments. But I would like to stress that good economic policies result in good politics,” he said.
Aye, there lies the rub: for in that bourn of politics, expediency rules, whereas in the sterilised sphere of economics, theories hold centre stage. Both may claim its right of way but history, especially modern Lanka’s, has always held it to belong to the one who had the bigger tipper.
But that’s no cause for alarm. No reason for Dr. Indrajit Coomaraswamy to lose heart. Though history often repeats itself, that’s no compelling reason to give up the ghost and rashly jump overboard and swim back to old Blighty where he sojourns four months of the year. For twice blessed as Dr. Coomaraswamy is with both President Maithripala and Prime Minister Ranil’s blessings, he is also thrice blessed.
He has the blessings of all Lanka who rise today as one – 20 million of them - to anoint him with their best wishes and to pin upon the lotus adorned lapel of his honourable character their utmost trust and supreme confidence in him to lift the central bank from its nadir and make it soar to reach the ideals it was created to achieve 66 years ago in 1950, the same year Coomaraswamy was born.
And if it be of any comfort to him - given the fact that he revealed last year in a media interview that what he appreciates most is when people he has worked with say to him that they have benefitted from working with him – let it be known to him as he starts the first year as the Governor of the Central Bank that at the end of his six year term, that all Lanka hopes to say in one voice: ‘Thanks for the experience, thank you for the music and play it again, Indra of the CB.”