Part I provides an overview of non-standard monetary policy measures across the major central banks and looks at alternative paths to the normalisation of monetary policy. Part II sketches the benefits for Greece from the accommodative monetary policy. Part III presents the recent economic developments in Greece and some thoughts on the potential impact of monetary policy normalisation.
Part I: Normalisation of monetary policy across the major central banks I.1 An overview of non-standard monetary policy measures It has been almost 10 years since major central banks were forced to confront a worldwide financial crisis that ushered them into a new world of central banking.