Monetary policy responses to the global crisis  The global financial crisis that started in 2007 and the ensuing deterioration in world economic growth necessitated drastic adjustments to fiscal and monetary policy in developed and emerging market economies in order to support economies and to ease credit market conditions.
The origins of the crisis, its widespread nature and the extent of the financial market turbulence and the spill-over effects to other sectors of the economy prompted central banks to review their monetary policy implementation frameworks and to implement policies that, only a few years back, were not on their radar screens, and certainly outside the “comfort zone” of many.