Instruments of monetary policy have included short-term interest rates and bank reserves through the monetary base.

Other instruments of monetary policy are generally used, such as interest rates in the context of an inflation targeting regime.

In my Amendments Nos 12 and 13, I made the point that instruments of monetary policy cannot simply be used to stimulate investment in jobs.

Alexandre Lamfalussy, the first President of the European Monetary Institute, always insisted that we should not ask too much of the instruments of monetary policy.

Like Professor Hart, Gail Fosler, chief economist of the Conference Board, fears that diversification by banks into other businesses will weaken their ability to perform their "remarkable function as instruments of monetary policy."