In my view, however, there is no reason to complain: we already have our Leonard Bernstein. All in all, the Treaty offers a well-balanced framework for policy co-ordination. The Ecofin Council is the centre piece for this policy co-ordination.
This estimate of the impact of bond purchases on yields was based on a review of the experience in other economies, including the literature referred to in the Bank of England report. Our assessment is that this estimate has turned out to be close to the mark.