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Meanwhile the debate on European political and monetary union continues.
Certainly, central banking was markedly different from our own day and monetary policy did not exist as an instrument of economic policy.
Monetary policy can not take account of the needs of different regions or countries and fiscal policy must not obstruct it.
With trifling exceptions the record is restricted to monetary values.
There seems no reason not to allow that monetary compensation may, at least in some cases, be a suitable remedy in public law.
Often these programmes are expressed in terms of agreed monetary and financial targets to which the member country is expected to adhere.
No profession wor-thy of the name has ever been impelled merely by the monetary reward.
Monetarists argue that without monetary growth to finance the increased payments, higher production costs will lead to unemployment rather than inflation.
The government also claimed to be able to control inflation through the use of monetary policy.
A third factor was a tightening of monetary policy and efforts to slow the growth of public expenditure.
Monetary control would operate through the effect of interest rate changes on bank lending.
The years 1870 to 1914 were years of relative monetary tranquillity, the heyday of the classical gold standard.
The threats of war in the late 1930s were more potent in this respect than the collapse of the international monetary system in 1931.
We are interested here in the role of money rather than the means by which monetary magnitudes came to be what they were.
The monetary fluctuations would have fed through to the long rate only if they led to expectations of inflation or disinflation.
Monetary stringency on such a global scale was decidedly deflationary.