Two members of the powerful Monetary Policy Committee, which sets the base interest rate in the UK, have said that Monetary Policy alone cannot eliminate the turmoil that stems from the global credit crunch. Whilst interest rates have been cut aggressively recently the key MPC members said that something more than this is needed in order to get things back on track. Over recent months the Bank of England and the Monetary Policy Committee have cut the base rate from 5 percent to just 1.5 percent, which is the lowest level since the Bank of England was founded over three hundred years ago. However, whilst this may bring some level of respite much more needs to be done according to some officials. The Deputy Governor of the Bank of England, Sir John Gieve, said recently: “We need to develop some new instruments, which sit somewhere between interest rates, which affect the whole economy… and individual supervision and regulation of individual banks.” He added: “We need to develop something which bridges that gap and directly addresses the financial cycle and prevents the financial cycle and the credit cycle getting out of hand.” Another MPC member said: “A raft of essential policy measures, beyond what the MPC can do, continues to be targeted towards returning the banking system to normal functioning. This remains a high priority.”