Monetary Policy and the Global Financial Crisis

摘要

The article develops an integral approach to formulating and realizing a modern monetary policy capable of replacing the traditional one, which was fragmented and unsystematic. The global financial crisis has revealed the absence of sufficient monetary policy instruments and led to the transformation of central bank functions. Monetary authorities are not just lenders of last resort, but actually sponsors of the financial market of last resort. In the future, the efficiency of monetary policy must be formed by its integrity and close connections with the real economy.