In my view, three levers must be used. First, our policy rate has to be sufficiently high. As I see it, we still have more ground to cover. We may need to keep raising rates after the summer break.
These institutions must also be made less ideological and less political with greater voice for all member countries rather than for a handful of industrial countries. [I believe that what I have said is also in line with the “Middle Way” prescription of Mervyn King and is capable of being built into the present architecture.] 2  BIS Review 45/2002