At a more aggregate level, in the context of our capacity to respond to global developments, if we have a counter-cyclical policy approach, not only the monetary policy but also the fiscal policy should be counter-cyclical.
If the fiscal policy continues to be uni-directional, as we have in our case, with persisting deficits, then the fiscal policy is not in a position to produce a reasonable counter-cyclical impact. In these circumstances, the monetary policy has a challenge in designing and implementing appropriate counter-cyclical policies, that has the added burden of off-setting the impact of the fiscal policy.