The global economic situation suddenly worsened in the fall of 2008 and output expansion was negative almost everywhere for 2009. Fluctuation analysis has shown that most of the financial crises and recessions of the past were triggered and worsened by inadequate monetary policies. For our times, the monetary policy played a significant role in the development of the events through its responsibility in the outbreak of the financial crisis. All together, the monetary policy, especially the American one, can be blamed for the remote role (2002â€“2004) it played in the creation of the speculative bubble which led to a financial crisis. It also has a part of the responsibility through its restrictive direction during the 2004â€“2006 period; this time, a direction shared by other central banks. Finally, it is more immediately involved through its lack of clearâ€“sightedness and responsiveness in the first months of the recession.