BIS Review 69/2006  1  So, what are the right policies? This will be the subject of the rest of my remarks. Let me begin by looking at this question from the perspective of domestic policies before turning to international issues.
There is no knowing in advance how the tasks will be divided among the national central banks themselves, and between them and the centre in the more distant future. The American example shows us that such matters cannot be laid down in a blueprint for eternity.