To some observers, our destination, the “new normal”, should not look that different from the status quo. Among other things, they argue that non-standard measures such as large-scale asset purchases proved their worth during the crisis. Therefore, they should remain in the monetary policy toolbox and be applied under normal conditions as well.
3.1 Guiding principles Ladies and gentlemen, The Scottish philosopher David Hume postulated that we cannot derive the “ought” from the “is”, the so-called Hume’s law. Admittedly, we all know that “the normative force of the factual” can be strong. But this force arises from a general acceptance of the current state.