  This consolidation will promote growth sooner or later only if it is used as a lever to make public spending more efficient, notably in the form of investment in R&D, and education and training. These adjustments to our social model are not forced by the crisis, and even less so by Europe.
BIS central bankers’ speeches  1  Second, forward guidance, which is another element of unconventional monetary policy, is generally supported both in theory and in practice. In theory, forward guidance could pin down the future expected path of policy rates by clarifying the central bank’s policy reaction function and thereby reducing the volatility of financial markets.