Because, in the end, public policies must foster the effective and efficient delivery of public goods and provide the incentives to encourage private activities that will create positive outcomes for the benefit of everyone. Developing such policies is much easier said than done. But in the last 15 years, we in Canada have made considerable progress in our macroeconomic policies.
As a result of TLTROs and, in due time, the other instruments that were added, bank lending rates for both firms and households have dropped by more than 110 basis points since 2014 and are now at historical lows. Encouragingly, the improvement in credit conditions is occurring both 3/4  BIS central bankers' speeches  within and across euro area countries.