Résumé 2 In conclusion, a central bank’s monetary policy has a direct impact via the financial markets, their structures and their players. This environment – monetary policy’s ecosystem – has changed. And it will go on changing. Some of the changes were triggered by the financial crisis and the central banks’ and regulatory authorities’ crisis policies.
With the return of 1970s-style inflation for a variety of reasons—expansionary fiscal policy, low interest rates and UMPs, and supply bottlenecks resulting from the pandemic and the war in Ukraine—we must yet again rethink the role of central banks.5)  Under these circumstances, we cannot but reflect on how the role of central banks should adapt. Let me start by asking a few questions.