 There isn't room for any more fiscal adventures.
 When I finalised my last column, I was not aware of the 11 per cent inflation figure.

<tr><td><p class='TableClas'></p><P class='TableClas'><DIV CLASS=rightDiv><script language="JavaScript">
		google_ad_client = 'businessstandard';
		//google_ad_client = 'ca-businessstandard_js';
		google_ad_width = 200;
		google_ad_height = 200;
		google_ad_format = "200x200_as";
		google_ad_type = "text";
		google_ad_channel = "";
		//google_color_border = "FFFFFF";
		google_color_border = "F7F7F7";
		//google_color_bg = "FFFFFF";
		google_color_bg = "ffffff";
		//google_color_link = "639ACE";
		google_color_link = "0253B7";
		google_color_text = "000000";
		google_color_url = "D63431";
		//google_skip = adsenseSkip;
		</script> 
		<script type="text/javascript" src="http://pagead2.googlesyndication.com/pagead/show_ads.js">
		</script> </DIV><p class='TableClas'>When I finalised my last column, I was not aware of the 11 per cent inflation figure. The extent of the jump did surprise me, but it also illustrates the limits of monetary policy. For one thing, it was being tightened, albeit gradually, for almost four years 

A V Rajwade: The limits of power

WORLD MONEY

More From This Section

Ajai Shukla: Rafale's July take-off

Alokananda Chakraborty: It is okay to procrastinate

Sukumar Mukhopadhyay: GST - 'Paradise lost' from fractured design

Daniel Gros: Saving Europe's social model

Explore News