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"Even if that hurdle can be surmounted, there’s another, deeper reason why the RBI should consider holding off. Now that the minutes of the monetary policy committee’s June meeting are available, one intriguing passage stands out. The central bank’s deputy governor, the economist Viral Acharya, apparently answering a suggestion that easier monetary policy would help stressed banks recapitalize, correctly points out that would be a terrible idea: “It is best for the sake of policy credibility to not mix instruments with objectives they are not meant to target.”"

Source: https://www.bloomberg.com/view/articles/2017-07-27/there-s-one-good-reason-india-shouldn-t-cut-rates

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    The antecedent of they is instruments. One should not use instruments to achieve objectives which those instruments are not designed to achieve. In other words, easier monetary policy is the wrong tool for the job. – Tᴚoɯɐuo Jul 28 '17 at 11:41
  • I agree. "They are not meant to target" is a relative clause: "It is best for the sake of policy credibility to not mix instruments with objectives [(that) they are not meant to target ____], where gap = objectives. Thus, "they" can only refer to "instruments". – BillJ Jul 28 '17 at 12:38

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