Monetary policy is not a clear-cut science, as central banks don't all agree on the best way to manage it. Beliefs about how to conduct monetary policy have changed a lot in the past 50 years. The current economic crisis might lead to a reevaluation of how we handle monetary policy in a globalized world. We need to pay attention to the role of money and credit, the balance between price stability and financial stability, and the risks of very loose monetary policies. Right now, we might be relying too much on monetary policy to drive strong, balanced, and sustainable growth.