Combined with his idea that there should be monetary tightening, Perry's plan looks like precisely the wrong set of policy prescriptions.

The earlier stage of recovery in the Russian economy also means that monetary tightening is not on the agenda.

Has anyone come to a view as to how monetary tightening will actually help to reduce inflation in the UK.

One economist predicted a rate increase in June, and two said the central bank had completed its monetary tightening for 1994.

"I think we'll make it worse by a policy that is oriented toward nothing but monetary tightening," he said.

Now ask yourself, Who has been most affected by this monetary tightening?

That is a monetary tightening of the most threatening sort, because central banks can do little about it.

The recession also followed a period of monetary tightening by the Federal Reserve.

"Reserve conditions" and "further monetary tightening" both can be read as interest-rate increases.

No, they are threatening a sterling crisis because the fiscal and monetary tightening has not been brutal enough.