He found it profoundly unsatisfactory “in having to direct central bank action in such a way that it suffocates a system that possesses its own valid parameters and mechanisms; in having to constrain the volume of credit potentially expressed by the flow of monetary base because it is not possible to regulate that flow; in having to channel the flow of credit”.
BIS central bankers’ speeches  3  Finally, the implementation of sound fiscal and macroeconomic policies is best ensured if these are solidly anchored at the national level. An effective way of achieving this is to implement strong national budgetary frameworks in the members of the euro area. III. Conclusion  Let me conclude.