In India, along with price stability, growth objective is demonstrably subsumed in the objective of meeting genuine credit demand and in communications and policy measures, a clear focus on financial stability has assumed added significance in recent years.
Secondly, I agree with the point that the central banks have a better design than before and also gained a distinct identity in the last two decades. But without satisfactory fiscal rules, implementation of any monetary rule becomes difficult as also the autonomy or independence of central banks and its accountability.