We are currently working with the Treasury to finalise the institutional arrangements that will enable us to effectively use all of the described unconventional monetary policy tools, if they are ever required. This includes the arrangements for handling the balance sheet implications of unconventional tools.
More fundamentally, we also need to ensure we can coordinate an appropriate mix of fiscal and monetary policy responses if so desired. •  What additional policy responses might we need to consider to manage some of the consequences of low interest rates and market functioning? We could consider additional macroprudential tools and specific market interventions to ensure liquidity and credit flows.