In deciding how the newly-discovered mineral resource was to be managed, the Government focused on a few principles that, with hindsight, have proved to be extremely important.
This may call for a framework where the central bank can separate the level of reserves from the level of policy rates on a permanent basis. Fixed-rate full allotment would support such a disentangling of interest rates from liquidity conditions. Another question is how to adjust our framework in response to the growth of non-bank finance in Europe.