The crisis that erupted in 2007-2008 and the subsequent crisis management contributed new content to the approach to economics and public finances. Increase in governmental economy engineering and the shift towards tighter state supervision and regulation have introduced the model of an active state all over the world, and its scientific evidences are currently emerging. The monetary policy practice of a single mandate, prevalent in continental Europe for decades, has also come under review, and thus central bank policies facilitating financial stability and economic growth, in addition to the moderation of inflation, have been brought to the fore by FED, the Bank of England, the National Bank of Hungary, and even the European Central Bank. The author relies on the rich history of theories underlying all these practical changes and builds a scientific model of the rapid current changes.
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