Un-conventional monetary policies were not confined to advanced economies. Some emerging markets also responded with innovative measures to the headwinds of the crisis, although interest rates did not hit the zero bound in these economies.
BIS Review 20/1998  -3-  The first Central Bank Council meeting was, at the same time, a reflection of the compromise between the American approach, which tended to be federalist, and the British approach, which was more centralised, and this included those issues which remained controversial to the end: Is the Board allowed to be operationally active?