This approach is not an isolated case in the world either. Only 50 percent of inflationtargeting countries – where there is theoretically no central bank intervention in the foreign exchange market – effectively pursue a free floating regime policy. In the field of monetary policy, this resulted initially in the recovery of the basic functions of money, with the normalization of the financial system.
In analogous fashion, in the recent crisis, much of the panic occurred outside the perimeter of traditional bank regulation, in the so-called shadow banking sector.5  5  As discussed in Bernanke, “Some Reflections on the Crisis” (see note 1), shadow banking, as usually defined, comprises a diverse set of institutions and markets that, collectively, carry out traditional banking  2  BIS central bankers’ speeches  The responses to the panics of 1907 and 2008 also provide instructive comparisons.