For instance, both in developed and emerging countries, monetary regimes focused on a single instrument, such as the interest rate, have become more flexible. Many central banks have had to revisit their usual regulation, operation and intervention mechanisms. In this sense, it is essential to analyze how this crisis affects the economy and policies.
As a matter of fact, there was partly a “surprise effect” due to which early warning mechanisms failed. Therefore, there is a social debt in terms of the capacity to prevent and warn about potential risks. Furthermore, the dramatic reversal of the previous prosperity has led to a significant reassessment of risk premia.