financial crisis of 2007–2009, two important issues require further attention. First, although bank capital ratios have been … system. Second, bank liquidity requirements may have become too complex and could also have unintented and unpredictable … interaction effects with bank capital requirements. …

The paper described the historical use of commercial bills in Bank of England operations, and suggests that by making … more active use of the policy instrument of central bank asset choice, and by acknowledging the connection between … objectives and stimulate high-quality bank lending …