After the global crisis, the spillovers form ultra-accommodative monetary policies in advanced economies have amplified the challenge from the impossible trinity, besides increasing commodity price pressures.
Governor, Dr. Subbarao, encapsulated in his remarks the complex nature of the issues involved in the recent innovations in the conduct of monetary policy, most of which could be experiments, and how these may influence the mainstream monetary policy frameworks, going ahead. Here, one has to look up to guidance from eminent thinkers like Prof Stiglitz.