But if inflation is persistently lower than past history and the existing levels of demand would suggest, and it is tending to press the bottom of the range, chances are that there is more room for the economy to expand than previously thought, and monetary conditions can be easier.
This gigantic support permitted to avoid a depression. It did not permit to avoid the deepest recession in the advanced economies since WWII. Our strong determination to make the financial system much more resilient, and much less fragile, is two-fold.