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II. Monetary policy in the 21st century: lessons learned and challenges ahead - bis.org

Finance

Since the turn of the 21st century, a series of extraordinary events have severely tested the conduct of monetary policy. The Great Financial Crisis (GFC) and the subsequent sovereign debt crisis in the euro area shattered the deceptive tranquillity of the so-called Great Moderation – the decades-long phase of low output and inflation volatility enjoyed by most advanced economies (AEs). The subsequent decade saw central banks struggle to push inflation back to target before, like a bolt from the blue, the Covid-19 pandemic once again caused widespread financial system stress and plunged economies into a deep recession. The pandemic's aftermath, complicated by geopolitical events, saw the largest and most persistent inflationary outbreak in half a century, alongside ...

bis.org     Jun 30, 2024