Concluding remarks Let me hasten to reiterate that India cannot be immune to global developments but we, in the RBI, are actively monitoring the global developments, articulating our assessments as well as responses in regard to impact on India and are in a state of readiness to act, as appropriate, in a timely manner.
Has the ECB failed to fulfil its mandate? It is true that there is a heightened risk of too prolonged a period of low inflation. We have deferred the point in time when we expect a return to inflation of below, but close to, 2% in the medium term, which is our monetary policy objective.