However, a 'couple' of officials said that they 'would not favour adopting a restrictive policy stance in the absence of clear signs of an overheating economy and rising inflation'.

As a consequence, all previous permits were revoked and a restrictive policy, which limited the number of permits and their duration, was implemented.

Countries could revert to more restrictive policies, shutting out others to the detriment of the global economy.

Restrictive policies range from prohibition of human-embryo research to permitting research on imported embryonic stem-cell lines only.

Successive governments maintained restrictive policies into 1934 and interest rates were kept high to maintain the attractiveness of the franc.