Increased coordination and cooperation among regulators, under the auspices of the council where appropriate, should serve not only to improve our management of systemic risk, but also reduce the extent of duplicative, inconsistent, or ineffective rulemakings.
Personally, I do not believe that there is a direct effect of money on aggregate demand. But I may be biased. My view is based in part on my own research. I tested and rejected the hypothesis of such a direct effect in my dissertation. In my dissertation I also tested the proxy role hypothesis and rejected 5 it, too.