Unconventional monetary policies implemented by the Bank of England, the US Federal Reserve and the European Central Bank in response to the financial crisisThe meaning of financial crisis followed the collapse of Lehman Brothers in September 2008 caused a decrease in market activity and growth in the globalized economy. Many problems, such as deflation, reduced capital liquidity, etc., face every government and central bank and have a significant negative effect on the development of the economy, leading to a decline in GDP. After the outbreak of the financial crisis and its spread to the global financial situation, certain measures, for example lowering interest rates and keeping reserve requirements low, implemented by central banks, aimed to stabilize market prices and finance liquidity to support aggregate demand. However, in reality, the central bank interest rate is very low in the UK, the European system and the United States, and is close to the zero limit, so it is difficult for central banks to maintain their financial situation and support further stimulation via interest rate tools (Benford et al, 2009). Meanwhile, commercial banks reduced overall bank lending in order to maintain sufficient reserves and prevent the value of their assets as there was not enough money to expand their investments to take advantage of a high-risk investment environment. Therefore, the Bank of England, the European Central Bank and the US Federal Reserve generate a series of unconventional monetary policies called unconventional monetary policies to avoid the threat of a liquidity trap (Loisel and Mesonnier, 2009). This essay will discuss what unconventional monetary policies are. implemented by the Bank of England, European...... middle of paper ......8, 2009.5. Curdia. V and M. Woodford, 2010. Conventional and unconventional monetary policy. Review of the Federal Reserve Bank of St. Louis, 92 (4), pp.229-264.6. European Central Bank, 2010. The ECB's response to the financial crisis. ECB monthly bulletin.7. Fleming, Michael J, W. B, Hrung and F. M, Keane, 2010. TSLF Repo Market Effects. American Economic Review, 100 (2), pages 591 to 596.8. Joyce. Michael. A. S, A. Lasaosa, I. Stevens and M. Tong, 2011. The impact of quantitative easing on financial markets in the United Kingdom. International Journal of Central Banks, 7 (3), pp.113-161.9. Loisel. O and J. S, Mesonnier, 2009. Unconventional monetary policy measures in response to the crisis. Banque de France, NO.1, pp. 1-13.10. Meier. A, 2009. Panacea, curse or non-event? Unconventional monetary policy in the United Kingdom. International Monetary Fund .