As a result, in the real world, monetary policy should be—and in the United States, I believe, is—data dependent in a second sense: Policymakers should and  Governors (2018). A note, titled “Policy Rules and How Policymakers Use Them,” on the Board’s website covers similar ground and is available at https://www.federalreserve.gov/monetarypolicy/policy-rules-andhow-policymakers-use-them.htm.
Second, improved financial regulation (as exemplified by CRD IV and by the compromise reached on the BRRD) and the gradual steps towards a true banking union (with a single supervisor, a single resolution mechanism and a harmonised framework for national deposit guarantee schemes) will importantly reduce the risk that a crisis of the magnitude that we have just experienced will materialise again.