4  A step in the dark: unconventional monetary policy after the crisis”, Raghuram Rajan, Andrew Crockett Memorial Lecture delivered at the BIS on 23 June 2013. 5  See Borio (2014), Borio and Disyatat (2009), Stein (2013), though see Chodorow-Reich (2014) for an alternative viewpoint.
Under one version of this model, a proposal first requires approval by a majority of the Governing Council, including at least 3 of the 6 Executive Board Members. Moreover, any Governing Council member would have the right to request verification that a pre-set GDP level is represented.