Central banks can create it in their domestic currency through regular monetary operations or  1  See Borio and Zhu, 2008, “Capital regulation, risk-taking and monetary policy: a missing link in the transmission mechanism?”, BIS WP No. 268. 2  CGFS Paper No 45: “Global liquidity – concept, measurement and policy implications”, Basel, 2011.
The government’s structural deficit has increased in recent years to more than 3.5 percent of GDP, and without a significant correction, it is expected to continue growing in 2021 and onward. The implementation of this program will not come at the expense of the need to deal with fiscal issues and the growing deficit.