In the interest of brevity and time, however, I shall devote the rest of my lecture to (I) the initial conditions that brought to critical mass the urgency of the regime shift; (II) the RBI’s efforts to build the institutional architecture ahead of and to prepare the ground for FIT; (III) the high wire that electrified the six decisions the MPC took in its formative year; and (IV) the conflicting pulls and trade-offs that shaped the decision of October 4, 2017 – arguably, one of the most testing.
Hence the importance of having working groups and foster collaborative spaces where central banks can exchange their experiences, provide relevant information to identify trends, and propose solutions to the new challenges they face.