In the past, the monetary policy system was based on the classical Gold Standard. In the article “Review of: European money union: Lessons from the classic gold standard”, Stanley W explains how the gold standard lasted from 1880 to 1913. Initially, central banks used interest rates to guide capital to short term. inflows, which prevented gold movements and ensured that prices relatively adjusted. However, this adjustment process did not work. The author then argued that long-term international capital flows, migration, and differences in tariff barriers, also known as the “three pillars of the classical Gold Standard,” contribute to why developing countries are been able to maintain their current account deficits until they could face competition from modernized countries. However, according to the article “Interest Rate Interactions in the Classical Gold Standard, 1880-1914: Was There Monetary Independence?” by Bordo and Macdonald, the classical Gold Standard is not a sustainable monetary system because it required some countries to be independent when operating monetary policy. This is particularly conflicting in the modern structure where central banks must use a targeting zone to achieve their purpose. In the modern era, quantitative easing (QE) is a type of unconventional monetary policy used by the Federal Reserve to respond to deep recession. According to the article “Quantitative Easing and Proposals for the Reform of Monetary Policy Operations: by authors Scott and L.Randall, the impact of QE on interest rates is a lower long-term yield than short-term ones. As noted by authors Bora, Omar and Georges in their article “Financial crisis and… middle of paper… countries”. In conclusion, it is certainly a debatable question whether quantitative easing is an effective policy by the Federal Reserve to bring the United States out of recession. First, it is questionable whether an increase in the monetary base could reverse the current state of recession. Furthermore, it is open to discussion whether quantitative easing supports spending. Additionally, low long-term interest rates offer both opportunities and risks for the U.S. economy. Finally, QE presents many potential risks for developing countries and this could have a negative impact on the US economy. As you can see, there are many critics and supporters of QE. As demonstrated by Ncube, monetary policy by itself is not enough to solve a fiscal problem such as a recession. Therefore, a combination of monetary and fiscal policy measures is needed to completely solve the recession problem in the United States.