To restore confidence, the governing board decided to start publishing end-of-month financial statements. Before 1848 nobody apart from a handful of bank officials and civil servants at the ministry of finance had known about the true state of the bank, notably the amount of banknotes in circulation and silver reserves held. Now this information was made public.
These are basically capital controls plus those macroprudential measures that aim to limit financial stability risks arising from cross-border capital flows. I think we all agree that sound domestic policies should always be the first line of defence and that capital flow measures should not substitute for warranted macroeconomic or exchange rate adjustments.