BIS central bankers’ speeches  3  •  Keeping interest rates low;  •  Currency intervention;  •  Quantitative easing;  •  Capping the exchange rate;  •  Targeting growth and employment, and  •  Changing the focus of monetary policy.
The countries that are threatened have one or both of the following characteristics: •  they have large manufacturing sectors, often propped up with various protective devices; and  •  they have relatively rigid regulations which make it difficult to shift resources (mainly labour) from the declining sectors into the potential growth sectors.