First, the goal of monetary policy is to maintain the value of the currency, which means low and stable inflation. The current framework is one of inflation targeting with the actual target set by the government. This is very much in line with the practice in many countries.
This has added to an already complicated environment, characterised by high levels of public debt. Growth dynamics in emerging market economies are in much better shape than advanced economies, but interlinkages in the global economy render emerging markets vulnerable and they may not be in a position, as they were in the past, to carry the global economy.