Monetary policy in Asia and the Pacific in the post-, post-crisis era

In the past few years, economic policy makers in emerging market economies (EMEs) have been nervously watching the state of the advanced economies. Many of the advanced economies still have not been able to embark on a sustainable recovery path from the recessionary situation caused by the global financial crisis of 2008 followed by the euro debt crisis. The United States, the United Kingdom, Japan and the euro area have essentially exhausted conventional monetary policy measures by guiding their policy interest rates to almost zero. They have also used unconventional monetary policy measures including large-scale asset purchases and quantitative easing. ²