WSJ: You got applause for holding the government’s feet to fire on the growth in the fiscal deficit in your January policy statement, saying such spending is fueling inflation. You have talked about this issue in the past, but never so pointedly. Critics say you should have done so earlier. What’s your response?
SUBBARAO: If you see our monetary policy statements over the past two years, we’ve consistently drawn attention to the fiscal deficit concerns having recognized that some stimulus was of course necessary as part of the crisis management.