Monetary policy What has been the impact of the monetary policy? From the innumerable dimensions of impact of monetary policy, let me focus on some select elements. Inflation Turning to an assessment of monetary policy, it would be reasonable to assert that monetary policy has been largely successful in meeting its key objectives in the post-reforms period.
It will be accompanied by a single mechanism for the resolution of banking crises and a harmonized system of deposit insurance, both of which are essential to align supervisory responsibility with crisis management and resolution, in order to sever the link between sovereign borrowers and banks. Work on these fronts needs to be accelerated.