Standards for Non-Standard Monetary Policy
The widespread introduction of unconventional monetary-policy measures by major central banks has been a defining characteristic of the global financial crisis. While a broad range of such measures has been adopted, owing to differences in economic conditions and structures, all of them should meet five conditions.
PARIS – The widespread introduction of unconventional monetary-policy measures by major central banks has been a defining characteristic of the global financial crisis. We have seen enhanced credit support, credit easing, quantitative easing, interventions in currency and securities markets, and the provision of liquidity in foreign currency – to name but a few of the measures taken.