First, unconventional policies require us to operate in a broader range of markets, which means that the risk of unintended distortionary effects is inevitably larger than when using conventional tools. Does this imply we should refrain from using them when they are needed to restore price stability, as is the case today?
The answer is clearly no, because we operate under a framework of monetary dominance. Our task is not to maximise the chances of price stability, under the constraint of not creating side effects. There are always side effects to monetary policy. And we are not at liberty to choose to fail our mandate.