Banks' reluctance to lend as they strive to repair their overstretched balance-sheets is impairing the effectiveness of monetary policy.

ECONOMIST: Britain's economy: Combating the recession | The

Yet the effectiveness of such monetary incentives to fight wrongdoing remains unclear.

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However, Mr. Draghi didn't announce any more such measures but reiterated that the unconventional measures already in place have served to improve the effectiveness of the ECB's monetary policy.

WSJ: European Stocks Post Small Losses

The data send mixed signals to the Federal Reserve and the public about the effectiveness of the Fed's policy of monetary easing.

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The Bank of Japan (BoJ) is joining others in what could be dubbed a new era for central banks, as ailing economies and massive debt loads have eroded the barrier of independence and essentially pushed monetary policymakers into trying to spark growth via stimulus, as the debate on the effectiveness of those policies ranges on.

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Officials at the G20 meeting this weekend agreed on the need to strengthen the effectiveness and coherence of bilateral and multilateral IMF surveillance, particularly on financial sector coverage, fiscal, monetary and exchange rate policies.

FORBES: IMF Closer to Regulating Global Financial Markets