A mix of standard and non-standard instruments, intensified communication with the public, a broad overview of financial stability risks and the effects of macroprudential regulation, regular monitoring of the external factors’ potential spillovers to the domestic economy, are probably the best options for securing effective implementation of the monetary policy. Although being far away from the acute stage of the crisis, the current global environment is marked with relatively weak and uneven growth outlook, especially in the advanced economies, which led to different paths of their monetary policy stance. While ECB has just started its large-scale quantitative easing program, FED is just about to exit the accommodative monetary policy stance. These contrasting growth prospects of the leading economies underpin the risk of global financial markets volatility in view of eventual rebalancing positions between the main world currencies. On the other hand, there is a group of emerging economies with better growth performances and prospects for the future, including the Macedonian economy, which in the recent years has shown sound recovery, taking into account the significant ongoing structural changes in the economy as well as the fiscal space from the previous years. A common feature for the current surroundings are disinflationary or deflationary pressures around the globe in light of the fall of oil prices, with potential impact on the monetary policy cycle, additionally increasing uncertainty about external environment.

The labor market rigidities, wage and price settings, financial market imperfection, impact of foreign direct investments and many other issues must be appropriately taken into consideration in the monetary policy implementation and probably we have all put in a great deal of effort to accommodate our models to capture these specifics. The last global crisis, with its overall severity, time length and countries coverage reactivated the importance of structural issues for the advanced economies too, pointing to the fact that not always same measure fits any situation, not always same risk affects in a same way and not always same threshold is valid for everyone. Nowadays, we speak about flexible and innovative monetary policy, designed on a broadly based information platform, incorporating structural features of the economies and all specifics of the monetary policy transmission mechanism. Since the onset of the crisis, we have tried to better incorporate financial stability aspects into monetary policy decision making. In addition, we learnt that zero lower bound rate in the advanced economies or historically lowest interest rates in emerging economies were not able to revive credit growth, until we moved towards renovating our toolkit. Nonstandard monetary policy measures in different modalities have been widely used by the central banks around the globe during the crisis period, with the ultimate goal to capture countries’ specific structural features. These tailor made measures proved to have ability for more effective monetary signals transmission, considering the additional impairments of the traditional transmission channels during the crisis.