.......It is true unconventional problems call for 'unconventional policies', as RBI governor D Subbarao put it in his speech on the occasion of the US Fed governor Ben Bernanke's visit last week. The problem is, unconventional policies could lead us deeper into the woods. Most newspapers interpreted Dr Subbarao's reference to Bernanke's policies as 'praise'. But a closer reading of his speech shows the governor was much more guarded, saying, "We will not know for many years whether the policy mix followed to manage the crisis is right." .......
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