For illustration of the potential benefits to policymakers of even modest self-imposed restrictions on flexibility, consider fiscal policy, which shares with monetary policy some of the same issues that arise when a group of shifting membership makes a series of policy decisions that have both short-run and long-run implications.
The Reserve Bank is proud to have been part of every major economic event and policy in the country, and its broad mandate underlines its enduring concern for the larger public good. 4.