ABSTRACT
In 2008–2009, the world experienced ‘by far the deepest global recession since the Great Depression’ (IMF, 2009). Regardless of the existence of varying policy objectives assigned to central banks, it is a truism, five years after the beginning of the crisis, to state that significant limitations have been imposed upon monetary policy. The Global Financial Crisis (GFC) has undoubtedly shaken the world of central bankers and taken monetary policy into unchartered territory. This overview announces the structure of the volume. In the first part of the book, we will examine the mantras of the 1990s embedded in the NMC, before examining, in a second part, how monetary policy has been transformed in the aftermath of the GFC.
