Overall, the policy mix is intended to reinforce the effectiveness of all monetary transmission channels (interest rate, exchange rate, money and lending, asset prices, as well as expectation channels) to better withstand the spillover impacts of global monetary factors.
The question is whether the lower-than-expected increase in unemployment reflects stronger cyclical development than otherwise envisaged. Regrettably, I do not think that this is so. It is more likely to be the result of a stronger-than-expected reduction of the labour force and continued weak productivity development. 2  BIS Review 55/2010  The private sector has borne the brunt of the fall in employment.