In my view it is reasonable to assume that the unconventional monetary policy measures and instruments which were used during the crisis years (and the ECB, for one, is still using) will stay permanently in the toolbox, at least in reserve. 4.
Finally, I think that the word ’normalization’ as a description of the monetary policy outlook in the advanced economies is actually misleading, as it suggests a return to some pre-crisis ‘old normal’. I would prefer to talk about a journey towards a new equilibrium, which should be more sustainable, resilient and inclusive than the old one.