Instead, there are various different instruments, ranging from those from the toolbox of the supervisory regulations (Article 5 of the SSMR), such as maximum loan-to-value limits and countercyclical capital buffers, to taxation, as well as interest rates. Could this become an example of policymaking with other people’s instruments?
Laurence H Meyer: The politics of monetary policy - balancing independence and accountability  Remarks by Laurence H Meyer, a member of the Board of Governors of the US Federal Reserve System, at the University of Wisconsin, LaCrosse, Wisconsin on 24 October 2000.