Some would say that pains stemming from the adverse impact on the economy as structural reform progresses should be mitigated by further monetary easing, or emphasize that in the process of pursuing structural reform it is mainly the role of monetary policy to ensure economic stability.
Bearing these views in mind I will now explain how I see the relationship between monetary policy and structural reform. At the start I would like to say that the monetary easing policy currently being pursued by the Bank will, because of effects I have previously explained in detail, also give considerable support to structural reform.