As mentioned earlier, the monetary pillar is not an automatic rule that translates money growth into a policy decision. I have already mentioned one episode in the summer of 2004, when we decided to stabilise the policy rate at 2%, and, thereafter, in late 2005 when we started to tighten the stance of policy.
The impact of the global financial crisis and consequently the corrective actions required in the regulatory regime vary across different countries. According to the International Monetary Fund, upfront government support to the financial sector averaged 5.8 per cent of GDP in developed countries and 0.3 per cent in developing countries.