We re-jigged the Economic Research Division and tasked it with developing our forecasting and modeling capacity to support our expected move to an explicit Inflation Targetingregime. None of these moves would have been possible without recruiting new staff, with the requisite experience, at an appropriate level in the Bank’s hierarchy.
As we know now, the existing regulatory framework for monetary union, the “rules” of the European economic and monetary union, did not prevent these undesirable developments – the fiscal framework was not implemented consistently, and was watered down, and the macroeconomic imbalances in individual member states, which are reflected  BIS central bankers’ speeches  1  in the high level of private sector debt, were not treated with due attention or were completely ignored.