265–305; and Pain N., Koske I. and M. Sollie (2006), “Globalisation and Inflation in the OECD Economies,” OECD Economics Department Working Paper, No. 524. 4  BIS central bankers’ speeches  decisions in systemically important countries tightly interact. In fact, monetary policy decisions in industrialised countries find in the exchange rate arrangements of important emerging market economies a potentially potent multiplier.
And why has this particular debate only recently flared up? The answer lies in the wide concept of proportionality, which informs the banking debate. The demand for proportional banking regulation goes beyond the technical legal use of proportionality as a standard of judicial review!