Initial policy response Although a deficit of 14 or even 11 per cent of GDP can hardly be considered austere, Government had already begun a programme of fiscal adjustment in 2008, without which the deficit would have been even wider.
BIS Review 56/2009  1  example, we helped lead the Basel Committee's development of the revised Principles of Liquidity Risk Management, which was issued last year and is currently being incorporated into supervisory guidance in the United States.