The relation between innovative policy instruments and SMEs resilience: conceptual analysis

In recent years, we have been witnessing a succession of economic, financial and health crises on a global scale, the most recent being the 2020 COVID-19 health crisis. Monetary and macroprudential stability policies have been implemented in order to address the harmful effects of these crises on both capital markets and the real economy. In addition, central banks have innovated and mobilized the arsenal of instruments at their disposal for the implementation of new “so-called unconventional” monetary policies in order to influence the economic and financial behavior of private agents and strengthen resilience of SMEs. The aim of the paper is to study the efficiency of traditional monetary measures and emphasize the role of innovative tools in driving the economic growth. various “unconventional” monetary policy measures put in place by the monetary authorities to stimulate economic growth, absorb health and financial shocks and strengthen the resilience of SMEs are analyzed.