Central banks must learn from mistakes during the global crisis and make concrete reforms to monetary policy and inflation targeting, Duvvuri Subbarao, the governor of the Reserve Bank of India, said in an IMF review published in June.

"The crisis proved that price stability does not necessarily ensure financial stability. The crisis has given fresh impetus to the ‘new environment hypothesis' that pure inflation targeting is inadvisable," Subbarao said.

Before the crisis, there was a powerful