BIS central bankers’ speeches  5  By contrast, a more effective first line of defence will support a leaning-against-the-wind approach, both: because other policy domains reinforce the thrust of monetary policy, and because any trade-offs that result are likely to be more favourable.
In this context, it may be noted, for instance, that the notion that accommodative monetary policy sustains “zombie banks” is rarely heard in the US context, in view of the stronger institutions for resolving banks and resolving non-performing loans. Overall, we are now seeing progress being made in the euro area and internationally that will improve the first line of defence going forward.