11  Trichet, Jean-Claude (2010), Panelist Comments on “Fifty Years of Monetary Policy: What Have We Learned?” at the Symposium for the 50th anniversary of the Reserve Bank of Australia, Sydney, February 9. III. Experience with monetary framework in India  Experience with monetary targeting approach 20. An earlier paper 12 examined the experience with the monetary targeting approach.
Despite the adoption of formal monetary targeting, no specific money targets were set during the period 1985–90 except for fixing a ceiling linked to average growth of broad money (M3) in previous year(s). This was because there continued to be large overhang of excess liquidity due to primary money creation.