17  There is a clear parallel between the risk of side effects of pharmaceutical means and Chairman Martin’s words on the ‘ collateral, and perhaps deleterious, side effects on other objectives’ in his testimony in front of the U.S. Congress in February 1963, when he flatly rejected the idea that it could be possible to permanently trade-off a few percentage points of unemployment for a few percentage points of inflation.
1 EY Brexit Tracker, March 2021. 2 Capital markets union 2020 action plan: A capital markets union for people and businesses 3 Gabriel Makhlouf, Making the case for macroprudential tools for the market-based finance sector: lessons from  COVID-19, 29 June 2020. 2/2  BIS central bankers' speeches