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As a solid monetary policy had not been established, Ukraine experienced hyperinflation, which reached a rate of at least 4,735 percent in 1993.
While technology provides the tools, the essence resides in solid monetary policy.
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The Euro only works if it is backed with solid cohesive monetary policy (a proper central bank, something the ECB is failing to be), and solid cohesive fiscal policy.
The Treasury was convinced that ERM membership would provide a solid anchor for monetary policy, and the decision to join in October 1990 was welcomed by all three main political parties, the CBI and the TUC.
The overall relationship between house prices and monetary policy, shown by the solid line, has the expected slope (tighter policy is associated with somewhat slower house price appreciation).
Economists said the vote was a sign that monetary policy committee thinks the British economy is solid.
"That said, the solid performance of UK GDP doesn't seem to convince Bank of England monetary policy committee members that the country needs a less accommodative policy stance.
This approach is consistent with Milton Friedman's vision of monetary policy, would impose a monetary policy rule, and provide a solid long-run nominal anchor.
The main reason is that it wants to see solid evidence that the economy is making a durable recovery before it tightens monetary policy.The economy stalled in the final quarter of 2001 and the first quarter of this year.
But it would still amount to a relatively small shift: a benign inflation backdrop is affording the monetary policy committee the space to signal that rates will remain on hold for a while longer, despite solid growth.
That is monetary policy.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com