The sovereign debt crisis, in a way has completed the circle – during the Global crisis 2007 the impact spread from banking system to sovereigns while in the current crisis, the impact is in the reverse direction, from sovereigns to banks.
They will drive many macroeconomic variables and questions on the new way of functioning of the economy are popping up, be it from the point of view of measurement or from a more conceptual perspective. Hence, these developments will also shape a new environment for monetary policy.