They stabilised the euro area economy and anchored medium-term price stability. But they were done on the assumption that low real rates would be temporary, because other policies would act in their fields of responsibility. The ECB’s operational framework and its monetary policy strategy are robust and sufficiently flexible to deal with the current challenges.
Towards this end, the UIDAI initiative, Aadhaar, launched by the Government of India, which is envisaged to issue a unique identification number to individuals that can be verified and authenticated in an online, cost-effective manner for eliminating duplicate and fake identities, could be leveraged upon by the banking system.