My letter in the Financial Times on the need for a framework for economic policy decision-making.

It is not a matter of looking for the right electoral buttons to press or grasping at the first populist policy that comes along.

Barring a financial crisis, central banks are unlikely to cut rates unless they can see a direct economic impact. Government policy has to continue to focus on economic stability and an investment orientated environment for the long term.

Labour Party members should not let the European election results tip them into despair. A lot was going on around these elections.