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Since the beginning of the financial turmoil, central banks have been are on the front line. From august 2007, central banks went to resort to unconventional measures. Financial stress has been dampened but the interest rates spread between interbank rates and monetary policy rates have not all recovered their precrisis levels. Now, central banks have to deal with the phasing-out of the non standard operational measures so that liquidity management is anew designed to make the “signaled” interest rate effective. Some of the unconventional measures have already come to an end and the size of balance sheets may progressively be reduced. The first increases in the interest rates would be effective at the end of 2010. Except for the Japan, monetary policy interest rates would be 50 basis points higher in 2011. JEL Classification: E2.