But, by the same token, few would claim that Coca-Cola is an essential part of a balanced diet. Ultimately, consuming more caffeine than is compatible with a healthy lifestyle only makes us more vulnerable. And the same is true of using monetary policy as a stimulus. It can be used, just like caffeine, to give the economy a boost.
For example, we at the Bundesbank are monitoring with great interest the approach taken with the Dodd Frank Act and its ensuing implementation. I am very happy that the Bundesbank has maintained a representative office here in New York for nearly 25 years and also maintains an active trading desk here.