In what is admittedly currently a difficult monetary policy environment, risks must not be underestimated, nor should the capabilities of monetary policy be oversold. 2. Second, in order to stabilise monetary union over the long run, its institutional framework needs to be reformed. The balance between actions and liability for their consequences needs to be restored. BIS central bankers’ speeches  1  3.
It is clear that the inability to complete the Doha Round has weakened the multilateral trading system, not only due to the objective meaning of that inability but also due to the great disappointment that it signified compared to initial expectations. But that is not the key factor of its crisis.