"It then - in effect - invites the member banks and the money-market to co-operate on keeping the bank-rate, thus fixed, effective on the basis of the quantity of bank-money also thus fixed.
Its weapons for securing this co-operation are terror, agreement and convention. The bank can influence the situation per terrorem (...)"
- John Maynard Keynes, A treatise on money, Volume 2, Harcourt, Brace and company, December 1930, page 366
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