IN the run-up to the review of monetary policy it has now become fashionable for the Finance Ministry to nudge the Reserve Bank of India (RBI) to ease its policy rates to pep up aggregate demand. The central bank hardly obliges at a time when inflation at the retail level remains relentlessly high. In the backdrop of the economic slowdown, the call for a rate-cut has become so cacophonous that the RBI deems it de rigueur to underscore the importance of fiscal-monetary policy coordination. It has come out with a monograph, Report on Currency & Finance 2009-12: Fiscal-Monetary Coordination, prepared by a team of young officers under the guidance of Executive Director Deepak Mohanty............
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