For example, Bank of England Governor Mervyn King, who frequently referred to the Great Moderation as the NICE era (Non-Inflationary Consistently Expansionary), warned in 2004 “...the combination of low and stable inflation  7  For a discussion, see J.D. Farmer and D. Foley (2009) “The Economy needs Agent-Based Modelling”, Nature, 460, 6 August, pp.685–686.
Other countries imposed reserve requirements on foreign-exchange swaps and forward trades conducted by non-residents, and on non-resident accounts with domestic banks.