Nevertheless an improved understanding of the influence of globalisation on the monetary policy transmission mechanism will enhance the analysis underlying our decisions. This brings me to the second and last question on policy effectiveness. 31  Razin and Binyamini, 2007. 32  Devereux, 2007. BIS Review 64/2007  7  IV.2. Has monetary policy effectiveness been reduced?
Could it be a bit behind the curve? We have flexibility to react both ways. Given what we see in the economy, I believe that there is a reasonable chance that the extension of our asset purchase programme decided in October can be the last.