For much of the last 8 years, there has been an active debate on what central banks were doing to combat the threat of a second Great Recession. But as the period of extreme monetary policy draws to a close, the discussion is beginning to look forward, and to what the future policy framework for central banking should be.
Should central banks shrink their swollen balance sheets? And, if they do, how should it be done and how far should it go? In the two months since we last addressed this subject the debate has developed further.