Duvvuri Subbarao, the governor of the Reserve Bank of India (RBI), on Monday spoke on five dilemmas in central banking at a talk at the University of Hyderabad.

The five issues were:

* how accomodative it was necessary to be during the crisis;
* how to calibrate exit from the accommodative monetary stance after the crisis;
* whether the RBI can and should target inflation;
* how best to manage the 'impossible trinity' of capital mobility, a fixed exchange rate and independent monetary policy