Rethinking A Global Sustainable Monetary Policy In A Post-Crisis Era

The central banks are some of the key institutions which act and intervene through specific operations to influence the overall economic activity. The global financial crisis and its driven effects maintained over time the focus on the way in which the central banks reacted to regulate the engine of the economy. During the post-crisis period, difficult for the global economy, the monetary authority tried to address the challenges through measures aiming to support the financial stability, which is essential for the sustainable economic growth. Within this framework, the central banks which dominate the global economy have implemented several non-conventional measures in order to accomplish their objectives, which cause adverse effects for other economies, particularly the emerging ones. Starting from the characteristics of the post-crisis environment, observed at the global level, the paper identifies some challenges to the central banks, which require rethinking a global sustainable monetary policy.