Is it possible that, at some point in the future, there will be quantitative easing for financing of the voluntary sector? For the kinds of investment in associations which, since they provide support for elderly people and employ large numbers of people, are known to generate wellbeing, health, and so on? I disagree, but for institutional reasons rather than economic ones.
It’s clear that significant demographic developments change the structure of our economies and, thus, the way in which we conduct monetary policy. For instance, the Japanese presidency of the G20 has made demographic change one of its priorities for 2019. We’ve had seminars, among central banks too, on its impact on relative prices, inflation and the structure of production.