Other central banks have since moved closer to the Eurosystem model. 2  BIS Review 7/2009  Euro area monetary policy In response to the turmoil, and the associated impact on the real economy, the Eurosystem along with other major central banks, has eased monetary policy, in some instances, to levels not previously seen.
A negative example is the former Soviet Union, which certainly did not lack for scientific and engineering talent but which had an economic system that was poorly suited for translating scientific advances into economic progress. The experience of the United States over the past decade illustrates the essential complementarity of technology and economics, in my view.