The variety of securities bought has been ample, including, in some cases, private credit and stocks. Forward guidance completes the toolkit, in an attempt at influencing market expectations regarding the direction of future policy actions. In the wake of the global crisis, the main aim of monetary policy was to normalize financial conditions.
Central banks implemented extraordinary measures to meet the increased demand for liquidity amid a generalized rejection of assets, highly preferred during the preceding boom, that were suddenly perceived as too risky. This goal, which was at the core of the central bank role as lender of last resort, was attained well.