What are we to make of the effects of the "non-conventional" monetary policies recently pursued by the major central banks?<br />Central Bank

For several years now, the major central banks have been implementing so-called "accommodative" and "non-conventional" monetary policies, which are unprecedented in that they involve considerable sums of money. Opinions on the short- and medium-term effects of these policies - on inflation, economic activity, financial markets, investment and employment - vary widely, ranging from enthusiastic and unreserved support to critical and even alarmist judgments, with some believing that they are quite simply illegal. How and why do they differ, for example, from those carried out by the German central bank in the early 1920s? We asked Chairman Edmond ALPHANDERY Edmond ALPHANDERY Edmond ALPHANDERY to share his views and judgments on these issues, and to shed some light on these debates. Minister of the Economy and Finance from 1993 to 1995, Edmond ALPHANDERY has also served as Chairman of EDF and CNP. He has recently been appointed President of the Center for European Policy Studies. He holds an agrégation in economics and a doctorate in economics.