Novelties in central banking since 2007/08 have seen much discussion. But the introduction of somewhat overlooked permanent central bank liquidity swap lines can shed a light onto future monetary policy, such as a standing repo facility.
The article below is a very condensed and easier to read version of an argument I have developed in my thesis. Basically, central banks are intertwined into financial markets. Markets thus shape the structure they flow in just as much as the central bank does.The market gets what it wants