We should draw maps of the coasts we discovered. We should mark where the sea monsters live. We should be the cartographers of unconventional monetary policy. For such reasons, I have recently endorsed the call for a formal review of the ECB’s monetary policy strategy under the new ECB-presidency.
In a speech in New York last month, I discussed in this context the challenges arising from incomplete control of the variable that is of our main interest; which is, of course, inflation.1 Today, I want to reflect on the role of the unconventional monetary policy instruments that have been deployed to deal with the global financial crisis and its low inflation aftermath.