For one thing, the concept of the optimum conduct of monetary policy has evolved. The issue on the agenda today is the search for monetary policy rules, transparency and credibility. The sometimes too mechanistic views of the past on the fine-tuning effects monetary policy has on economic activity have thus taken a back seat.
6  BIS Review 150/2008  I have not discussed the international response to the crisis today, but policymakers abroad as well as those in the United States have taken a series of extraordinary steps to address an extraordinary situation.