Monetarism may well have provided some kind of ”heat-shield” which, for example, helped the Americans get inflation down in the Volcker deflation period of 1979-1983. Its empirical foundations, however, were not stable enough to allow it to be the continuing basis of policy.
BIS central bankers’ speeches  3  This international strategy for strengthening CCPs has been complemented by several domestic initiatives to introduce regulatory frameworks for OTC derivatives and to enhance supervision of systemically important CCPs. The two most notable developments are the passage of the European Market Infrastructure Regulation and Dodd-Frank, notably titles VII and VIII.