4 See Lámfalussy, A. 1961. Investment and Growth in Mature Economies. The Case of Belgium. London: Macmillan. XVI. 3  unconventional measures, such as negative interest rates, asset purchases and funding for lending schemes.
It was ten years ago this past July that Mario Draghi gave his famous “Whatever it takes” speech – so the time seems ripe to reflect on the use and effects of unconventional measures. The standard view in policy circles is that unconventional monetary policy – or UMP – had a predominantly positive economic impact.