......At first glance, it is hard to quarrel with this policy configuration. After all, the external financial shock hit so badly precisely because of imbalances caused by past monetary-fiscal laxities; adjustment means tightening these. There’s little to squabble about fiscal belt-tightening; this was long overdue, so seeing it firmly in the saddle now vis-à-vis budgeted targets is a positive development. The problem is with inflation and monetary policy: Which inflation? How much must interest rates rise to contain food price-triggered inflation expectations and bring back savers from gold?..........
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