The reason was perhaps that he had been in the city earlier in the day as he was active in dealing with practical policy issues and had links with the business world. On days when there might have been a nice business lunch, there was a certain relaxed expansiveness to his demeanour.
Moreover, monetary policy tightening, and not increased regulation, came to be seen by the end of that decade as the only viable solution to taming inflation.2 Of course, the startling recovery of war-ravaged West Germany following Ludwig Erhard’s postwar reforms, and Japan’s embrace of global trade, were early examples of the policy reevaluation process.