Monetary Policy Under Condition of Crisis of Traditional Tools

The article considers the problems monetary policy in the US and the Eurozone have faced in recent years, analyses effectiveness of unconventional tools used by central banks, such as quantitative easing, negative interest rates, as well as considers the prospect of fast-growing in recent years unconventional hybrid financial instruments allowing companies and banks to reduce interest payments during periods of financial stresses. The article points out that growth of hybrid instruments will not only allow companies and banks to avoid debt defaults and bankruptcies, but also increase the effectiveness of monetary policy