And we must be always ready to deploy new policy tools, if we are to steer a safe and steady course while awaiting calmer weather. Let me end by quoting Micheal Mussa, a former Chief Economist of the IMF, on the merits of economic policy tools: “My favourite economic policy tool is prayer.
It is not demonstrably less effective than the others and it carries none of the bad side effects.”  BIS central bankers’ speeches  11  Prayers, anybody?