For a discussion of the elements that motivated the launch of the review and a summary of the key changes that were introduced, see Clarida (2020, 2021) and Powell (2020). Return to text 7 For a theoretical analysis of the fiscal and monetary policy mix at the ELB, see Woodford and Xie (2020).
This leads to the wider debate between State versus Market and the role of the regulator over markets. History has taught lessons that while markets have a key role to play, there are limits to market behaviour leading at times to crisis situation.