Under QE, the size of reserve deposits – namely, the "quantity" of the liability of the Bank – was placed as the primary operational target; monetary easing was thus strengthened by expanding this quantity.
Although the supply of agricultural products should eventually respond to the increase in demand, the catch-up period may be more prolonged than currently envisaged. Moreover, food price developments depend on a number of factors which are difficult to predict, including technology advances and possible changes in energy policy. Hence, risks in the medium term seem to be on the upside.