Given the size of our financial sector and its role of engine for the economy, Luxembourg authorities need to take a step ahead and put in place an institutional framework that allows for an effective response to stress situations and thus, ensures the promotion of a stable financial system. Thank you for your attention. 8  BIS Review 38/2008
According to Friedman and Schwartz, each of these policy mistakes led to an undesirable tightening of monetary policy, as reflected in sharp declines in the money supply.