Monetary policy Global economic activity in advanced economies has expanded in a robust manner in recent years, however, due to a persistently low inflation, most of the unconventional tools of monetary policy are more or less still in place, especially in Europe.
The task of harmonizing divergent legal regimes, and reconciling the principles underlying many of these regimes, would be challenge enough. But an effective international regime would also likely require agreement on how to share the losses and possible special assistance associated with a global firm’s insolvency.