The aim is to involve all the stakeholders in the formulation and implementation stages. Greater deregulation underscores the importance of closer monitoring of market developments by the regulator. This is institutionalised in the form of Financial Markets Committee (FMC) in the RBI, which meets daily before the opening of the markets and at times on more than one occasion, when situation warrants.
In this respect, the fourth point that I would like to discuss today is that over the last few years we have seen that monetary analysis is not only an important, but also a complex business.