Michael Debabrata Patra: Lost in transmission? financial markets and monetary policy Speech by Dr Michael Debabrata Patra, Deputy Governor of the Reserve Bank of India, in the Treasury Heads' Seminar, organised by the Reserve Bank of India, Lonavala, 12 November 2022.
References have been made to the United States and the question has been asked as to why Europe us unable to effect as strong expansionary measures. Many reasons exist that make comparisons with the United States infeasible. Firstly, the expansion of the US public deficit is largely due to an increase in military expenses, which can hardly be regarded as counter-cyclical expansionary economic policy.