Monetary policy does not affect the level or growth rate of potential output, and inflation is determined by monetary policy in that it converges to a target set by the central bank in the policy rule. My conclusion, therefore, is that we can still clearly see the influence of monetarism in the consensus model.
3.1  Financial market regulation  Yet, the crisis has also called into question a number of economic policy paradigms. First and foremost, the financial and debt crisis has revealed design flaws in the financial and monetary systems. The liberalisation of the financial markets is now viewed much more critically than before the crisis.