In addition, the Federal Reserve used new policy tools and enhanced its communication practices in response to the Global Financial Crisis and the Great Recession, and the review will evaluate these changes. Furthermore, the U.S. and foreign economies have evolved significantly since the experience that informed much of the pre-crisis approach.
BIS Review 6/2009  3  The current economic environment is a nightmare for policymakers. In the U.S. for instance, some commentators are complaining that Obama’s massive rescue package is too small, while the traditionalists think that it is far too large. Here at home, there is a view in some quarters that the Bank should move immediately to lower interest rates.