The global economy is more fundamentally interconnected than ever before – and that means the response times for policy-makers have shortened dramatically. In this environment, the value of principlesbased policy frameworks is supreme. I am reminded of a story told to me by Jean-Claude Trichet, President of the European Central Bank.
A mutual colleague, at the start of the crisis, was visiting a small village in the Scottish highlands. He was bereft of his BlackBerry and was anxious for the latest financial news. He entered a newsagent and asked for the Financial Times.