13  See, for example, the press release of the Financial Stability Forum’s seventeenth meeting in Frankfurt, 29 March 2007. 14  See, for example, the Report of the Paulson Committee on Capital Market Regulation.
At this stage further work needs to be done to determine the degree to which fiscal policy needs to be tightened in order to support monetary policy in this way. It is also not clear that  BIS Review 167/2010  3  fiscal policy has the flexibility to take over the role of monetary policy as an antiinflationary policy on a cyclical basis.