This was few decades ago, but Wim was ahead of his time and quickly came to realize that having the best minds does not offer a singe packet solution to financial institutions, including to De Nederlandsche Bank itself. Keeping your best people rooted in financial practice and education – one not without the other – was his core policy.
I think that it is very likely that this is one of the reasons why our exchange rate came under strong pressure in the final quarter of 2014 and in January of this year. 3. Fiscal policy  Finally, I want to discuss the implications of oil price uncertainty for fiscal policy, which is crucial for macroeconomic stability.