A former US Treasury Secretary colourfully spoke of the need for a bazooka – a big gun – to sort out the crisis, by which he meant using a vast amount of money to convince markets the problem has been solved.
3  CGFS (2014), “Market-making and Proprietary Trading: Industry Trends, Drivers and Policy Implications”, CGFS Papers No 52. Available at <http://www.bis.org/publ/cgfs52.htm>. Jon Cheshire, who was a member of the working group, has an article in the March RBA Bulletin discussing this issue from an Australian perspective. 4  BIS central bankers’ speeches  bringing about this reduction.