Non-standard monetary policy measures and the balance sheet of major central banks : monetary dialogue 14 July 2014 : compilation of notes

The notes in this compilation - prepared by selected monetary policy experts - analyse similarities and differences in the crisis reaction of the ECB, the FED and the BoE as well as the reasons for the different reactions (institutional set up, economic reasons etc.). In this context, the notes also assess how successful these 'non-standard policy measures' have been and how they have affected central banks' balance sheets in terms of volume and composition. The notes have been requested by the Committee on Economic and Monetary Affairs (ECON) as an input for the July 2014 session of the Monetary Dialogue between the Members of ECON and the President of the ECB.