It likewise does not exclude economic policy coordination in times of crisis – which was quite successful during the last financial crisis. And finally, it does not mean that we should resort to mercantilist policies of rebuilding tariffs around special interest groups. 3/7  BIS central bankers' speeches  So what then?
The answer is that we must devise a stronger set of rules that limit the negative repercussions of free markets. This solution has a national and a global component, where greater attention has to be placed on the national approach than was the case in the past four decades. I want to emphasise three policy elements.