I would be confident that we have, or can develop, the relevant capabilities. The only question is whether we are sufficiently determined to succeed in deploying them. Bibliography Gillitzer C and J Kearns (2005), “Long-term Patterns in Australia’s Terms of Trade”, RBA Research Discussion Paper No 2005–01. BIS central bankers’ speeches  9
For a more recent discussion, see Goodhart (2010), The Changing Role of Central Banks, BIS working paper 326, http:/www.bis.org/publ/work326.pdf  3  By this I mean a last line of defence. I don't mean to imply that banks should not hold liquid resources of their own in the first instance. BIS central bankers’ speeches  1  with the price stability objective.