3  P. Angelini, S. Nicoletti-Altimari and I. Visco (2013), “Macroprudential, microprudential and monetary policies: conflicts, complementarities and trade-offs”, in Stability of the Financial System – Illusion or Feasible Concept?, edited by A. Dombret and O. Lucius, Edward Elgar, and Bank of Italy, Occasional Papers, 140, November (2012).
4  For example, in Italy, administrative controls on loans were used to steer monetary policy in the 1970s, when there was no liquid money market. Reserve requirements were used to absorb excessive monetary base.