The outcome of the normalisation process is likely to be determined by the interplay and the relative stance of the policies of major central banks as they move towards a less accommodative stance in the coming years, as well as by several structural features of the different economies. In any case, appropriate communication is vital to limiting any possible disruptions in the markets.
Part II: The benefits for Greece from the accommodative monetary policy In Greece, the transmission mechanism had become fragmented and the accommodative monetary policy was not being transmitted fully.