Application of statistical methods in RBI: need for further work Before I conclude, let me outline a few areas of work in RBI where statisticians can contribute significantly. First, as monetary policy formulation largely depends on the forward-looking behaviour of  BIS Review 77/2007  5  the economy, the use of forecasting techniques automatically comes in the forefront.
The drop in demand and in oil and food prices at the end of 2008 meant there were no price pressures in early 2009. Thus, we were maybe the first country in which the euro was adopted without consumers perceiving any price increases.