And the  BIS central bankers’ speeches  1  same goes for the cooperative banks, in which the customers are also owners. These institutions did not lose people’s trust. Let me be clear: this does not mean that banks operating as public limited companies are obliged to take a short-term approach. But they need to put in place functioning management and incentive structures.
Gerald Bouey, who had succeeded Louis Rasminsky as Governor of the Bank of Canada in 1973, probably summarized the situation as well as anyone when he said: “We did not abandon M1, M1 abandoned us.”21 The search for a new nominal anchor had begun well before the Bank announced it would no longer be targeting M1, but without much success.