These models can also be interpreted to suggest that incremental monetary tightening can gradually deflate stock prices. But that conclusion is a consequence of the model's construction. It is not based on evidence drawn from history. In fact, history indicates that bubbles tend to deflate not gradually and linearly but suddenly, unpredictably, and often violently.
As key stakeholders, we want you to realistically review what has been achieved so far, by the National Financial Inclusion Taskforce, the three Working Groups and by yourselves, that have contributed to this development.