However, when requiring a central bank to purchase all kinds of assets, especially on a large scale, it should be clearly noted that such purchase effectively has a nature of fiscal policy, which must be decided by voting in the Diet. This point should be recognized first before discussing the type of assets to be purchased in light of the state of the economy.
Yesterday’s discussions on the new capital framework confirmed to me that dynamics exist everywhere and are not confined just to accounting and auditing matters. And last evening many of us were able to attend the wonderful and very dynamic Zarzuela performance, for which we thank our hosts from the Bank of Spain.