Moreover, there are deep-rooted views that exiting accommodative monetary policies in the past – for example, the Zero interest rate policy in August 2000 and Quantitative monetary easing in March 2006 – was too early. Such past experiences appear to have added to the view that the Bank might not be determined to be a deflation fighter.
BIS central bankers’ speeches  11  D–3. Limitation of monetary easing under the program  The third factor contributing to a perceived lack of credibility was associated with the eroding effectiveness of monetary easing under the Program.