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There's no monetary policy to set.
He has found one, in Sabine Lautenschläger, a German bank supervision expert with no monetary policy record.
There is no monetary policy that can be tailored to Spain's needs, and there are many highly indebted households and firms.
Without Black Wednesday, Tony Blair would never have become prime minister, there would have been no monetary policy committee, and Britain, in all likelihood, would have been part of monetary union.
When Brazil devalued its currency by 40percentt just over a year ago, making Argentine exports to Brazil far more expensive, there was no monetary policy card for Buenos Aires to play.
Currency boards have an exchange-rate policy (a fixed rate), but no monetary policy.
Similar(51)
Attention, Federal Open Market Committee: No monetary-policy measure alone can bring back the boom.
The Bundesbank no longer sets monetary policy but remains a strong influence in the region.
Though it no longer controls monetary policy, the Bundesbank remains an influential institution in Germany and an important part of the euro zone monetary system.
And, with no independent monetary policy, the only way to lessen wage pressures will be higher unemployment, the left argues.
He now observes: "No wonder monetary policy has not done the trick: it did not stand a chance".
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com