During the financial crisis, monetary policy and economies across the world have benefited significantly from these insights, since they have helped us to swiftly apply the appropriate policy responses to contain the crisis. Conversely, the crisis has also raised important issues for academic research, in monetary economics as well as in other fields.
As of next month, after seven years as a policymaker, I shall be taking up the position of a faculty member of the University of Chicago Booth School. In spite of this upcoming transition “from policymaker to academic”, my remarks today on the challenges for monetary policy in EMU will be given from the policymaker’s perspective. 2.