We have found that the transmission of monetary policy works most effectively when the central bank implements policy through markets, when it maintains a credible policy goal, and when it communicates its objectives and actions clearly. This leads me naturally to the fourth characteristic - transparency and accountability.
But, if for a young entrepreneur it takes months in some countries before he can have the permits, the authorisations, to open a new shop he will not ask for this credit. So let’s abolish bureaucracy.