Given the limited experience policy makers have of such episodes, there is deep uncertainty as to whether the normal rules of the game (i.e., the coefficients of the Taylor rule) will continue to provide a broad guide for monetary decisions.
In Europe, the organisation of banking supervision at quasi purely national level contrasts with financial market integration and the existence of cross-border financial institutions. The current crisis raises all these challenges much more strongly than before. I am convinced that academic research in these domains will be boosted in the near future and that new and clarifying insights will result from this work.