It is possible that a central bank with only an inflation mandate would achieve the same results, especially if it has a flexible, rather than rigid, inflation target. The other topic of this session is the coordination arrangements with government.
I have already spoken about the agreement on the inflation target, so I would like to touch on four other aspects of the relationship between the central bank and the government. First, the government appoints all the members of the Reserve Bank Board (which is the decision-making body for monetary policy).