Foreign exchange intervention  •  The third important issue on which the pre-crisis consensus has dissolved is foreign exchange intervention. •  The pre-crisis consensus, at any rate among advanced economies, was that intervention in the forex market is sub-optimal. •  That consensus no longer holds, with even some advanced economies defending their currencies from the safe haven impact.
These have been supplemented by  BIS Review 49/2004  3  regulatory prescriptions issued by the Reserve Bank from time to time.