Central banks around the world came up with new tools to keep the financial system and the economy afloat. They became key players; some observers even referred to them as the only game in town. Now, ten years later, there is one thing that weighs on many people’s minds: When will unconventional monetary policy end? When will it return to normal?
It seems that many look no further than the exit from our unconventional measures. But what will happen once we have reached the exit? Will we return to the end of history? Well, I don’t think so. First, there are still many questions that need to be answered. And second, the unexpected will happen again at some point. History does not end.