To be sure, the nature of the challenges involved in fighting poverty, lowering inequality, and providing adequate social protection under situations of stress, implies the simultaneous use of multiple policy levers, including fiscal, regulatory and structural reform measures, among others. Furthermore, macroeconomic and financial stability are a precondition for these efforts to succeed. 10
The effect of these developments may be to attenuate the revival of normal consumption patterns that would otherwise be dictating increases in consumer demand and growth. Diversity of views Even if the usual effectiveness of monetary policy is being attenuated by the factors that I have mentioned, that conclusion should not be taken as implying that additional monetary accommodation would be unhelpful.