Arguably, the outcome could have been quite different if, for instance, interest rates declined on the back of ebbing inflation but there was no accommodation in monetary policy and therefore no excess liquidity.
2  BIS Review 104/2007  Whereas this view has been put forward by many commentators and analysts, there is also a persuasive opposite view, as best articulated by Alan Greenspan in a recent interview on the occasion of the release of his book (Financial Times, September 17, 2007).