 According to its author, Werner used this phrase in order to propose a new form of monetary stimulation policy by the central bank that relied neither on interest rate reductions (which Werner claimed in his Nikkei article would be ineffective) nor on the conventional monetarist policy prescription of expanding the money supply (e.g.through "printing money", expanding high powered money, expanding bank reserves or boosting deposit aggregates such as M2+CD, all of which Werner claimed would be ineffective).Instead, Werner argued, it was necessary and sufficient for an economic recovery to boost 'credit creation', through a number of measures.