In developing countries with immature financial markets, a freely floating exchange rate may not be sensible because a small number of foreign-exchange trades can cause big swings in currencies.

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The authors offer a number of sensible remedies to such ills, including different ways of boosting investment in public agricultural research and possible reforms at multilateral institutions such as the World Bank and the Food and Agriculture Organisation.

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If people keep their heads, a number of sensible changes in corporate governance will be codified.

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In March the central government unveiled a number of sensible reforms to tame the Wenzhou system without crushing it.

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Sir Peter is proposing a number of sensible, but nonetheless pretty radical, measures.

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Bill Dodwell, head of tax policy at the accountants Deloitte, told the BBC that he suspected the figure was a "sensible number taking account of the scale of the business and their history of past losses".

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Richard Dodd, from the British Retail Consortium (BRC), said there were a "good number of sensible ideas" in the report.

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There are a number of other sensible provisions, such as allowing the jury, when it is determining fault and cause, to know whether the plaintiff was wearing a seat belt at the time of a vehicular accident.

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Market discipline is likely to be a far better way of enforcing sensible banking than any number of central-bank guidelines.

ECONOMIST: Situations vacant