The second consequence is that years of weak aggregate demand and price pressures have forced central banks worldwide to find additional instruments that could provide policy accommodation when their main policy rates were approaching zero. In fact, the ECB has introduced a wide range of novel monetary policy tools in recent years, such as asset purchases and negative interest rates.
In other words, it hasn’t been all that quiet. But it is precisely when something is behaving not quite the way it is expected to, that the market should be watchful and regulators even more so. Global developments I don’t have to deal lengthily into the global events that have gripped us this year.