In addition to suggesting that interest rates are dropped gradually Tucker suggests the new system would have to reflect the global nature of economic markets.
He says: “We need calmly to explore whether there are also other possibilities. But let me make this absolutely clear: there are formidable obstacles to finding a solution.
“In the monetary sphere, a regime of floating exchange rates allows individual countries to pursue their own domestic monetary objectives.
“But in a world in which capital flows freely, local attempts to control the pace of credit creation, particularly within the financial system, may not work. All of that will need to be thought through.”