And after all, it is the Bundesbank itself that regularly warns against too much being asked of central banks. These warnings normally centre around central bankers’ traditional fears about an excessively close relationship between monetary policy and fiscal policy.
In terms of financial conditions, the evidence so far suggests that the impact of our policy has been substantial. Since June 2014, we have seen a broad-based easing in money market conditions, longterm government bond yields, corporate and bank bond yields, bank lending rates to firms and households, and the growth of money and credit.