While the QQE consists of these two pillars, as far as its transmission channels are concerned, the most important factor of all in terms of affecting the economy is lowering expected real interest rates.
Duvvuri Subbarao: Leveraging cooperative advantage Inaugural address by Dr Duvvuri Subbarao, Governor of the Reserve Bank of India, at the International Conference on “Leveraging cooperative advantage” as part of celebrating the International Year of Cooperatives at the College of Agricultural Banking, Pune, 16 November 2012. *  *  *  1.