Monetary policy Global economic activity in advanced economies has expanded in a robust manner in recent years, however, due to a persistently low inflation, most of the unconventional tools of monetary policy are more or less still in place, especially in Europe.
To give you an idea of the extraordinary circumstances that we experienced since 2008, in Britain, the Bank of England’s base rate had historically remained above 2 per cent for 315 years, from its foundation in 1694 until 2009.