Nonetheless it remains entirely possible for a government to use monetary policy to steer the domestic economy, provided that it is willing to let its currency float.

ECONOMIST: Bearing the weight of the market | The

As is also common with principles espoused by European leaders, no clear explanation has been provided for the need to ensure this operational separation between monetary policy and bank supervision.

FORBES: Euro Area Banking Union: Should Bank Supervision and Monetary Policy Be Separated?

Moreover, the independent movement of global markets, which react to factors such as different domestic monetary and fiscal policy cycles, has historically provided considerable diversification benefits when held in combination with US investments (though correlations tend to converge on 1 in periods of financial crisis).

FORBES: Why Global Diversification Still Makes Sense

The inflexible way in which the European Central Bank (ECB) runs monetary policy means interest rates have, so far, provided much less of an economic stimulus than the aggressive rate cuts made by the Federal Reserve, America's central bank, since January 2001.

ECONOMIST: Not so rosy | The

But he does think a debate about the UK monetary policy framework, and alternatives to it, would be helpful - provided it is resolved quickly, probably in favour of the current regime or something very close to it.

BBC: Governor Carney: Same remit, new ambition