It gives satisfaction to all participants that all of them are working together for growth and stability. In the process, however, the integrity of the respective balance sheets of Government and RBI gets eroded making both autonomy and accountability difficult to assess.
2/7  BIS central bankers' speeches  Nor should we allow ourselves to become unsettled by the decline in equity prices we have just witnessed. US equity prices rose over a prolonged period without any notable corrections, which was unusual given that valuations have been high overall. Large-scale purchases of sovereign bonds are not the only unconventional monetary policy tool used.