"But a whole lot of things point to not moving monetary policy any more."

The stage would then be set for a common monetary policy.

But monetary policy seems to be working much the way it always has.

The changes were made during a meeting of the bank's monetary policy council.

In terms of monetary policy, interest rates were kept between 6 and 9%.

Take, for example, the impact of monetary policy on business activity.

Monetary policy is, however, the wrong way to go about it.

Monetary policy has been effective during the past year, but it is now spent.

Monetary policy is not the answer when interest rates are already this low.

This European home market already has a common monetary policy.

On the other hand, monetary policy cannot bring down long term interest rates.

It takes six to nine months to feel the full effect of a change in monetary policy, he said.

"If this is put into question, it makes the job for monetary policy even more difficult."

"I don't think this means any change in monetary policy but there are new people."

But if that does not happen, new questions will be raised about whether monetary policy alone is enough to get the economy moving again.

"Monetary policy alone is just not good enough any more," he said.

Of course, this analysis only provides a potential role for monetary policy.

Others argue the need of a bank rate for monetary policy.

The action came after an emergency meeting of the bank's monetary policy committee.

But few economists believe monetary policy can do enough soon.

Monetary policy, he suggested, could deal with whatever lay ahead.

We must continue to keep down inflation and watch our monetary policy.

First, on the economic developments and monetary policy over the past year.

"But one wonders whether monetary policy will be able to turn the economy around."

They believed in God, family, country, might, right and a sound monetary policy.