6 The FOMC’s “Statement on Longer-Run Goals and Monetary Policy Strategy,” first issued in January 2012 and  reaffirmed each January, specifies that the Committee judges that inflation at the rate of 2 percent, as measured by the annual change in the price index for personal consumption expenditures, is most consistent over the longer run with the Federal Reserve’s statutory mandate and that the Committee would be concerned if inflation were running persistently above or below this objective.
The establishment of a high-powered Standing Committee on International Financial Standards and Codes (Standing Committee) underscores India’s commitment to this international enterprise. At the same time, India has been voicing, in the international fora, some of its concerns regarding the manner of international financial institutions spearheading the implementation and assessment of codes and standards.