Monetary policy should aim to achieve what it can do most effectively with its main tool, the interest rate, and avoid taking on tasks that can be better performed by others. Second: consistency. In addressing any problem, monetary policy should avoid sowing the seeds of the next crisis.
13  P. Tucker (2012), “Resolution – a progress report”, speech at the Institute for Law and Finance Conference, Frankfurt, 3 May. 6  BIS central bankers’ speeches