At the same time, insofar as monetary policy succeeds in supporting the cyclical recovery, this facilitates the introduction of structural policies which could encounter greater resistance in a weak macroeconomic climate. None of this is controversial.
The G20 finance ministers and central bank governors clearly stated it in the communiqué issued after the meeting in Ankara in September: “Monetary policies will continue to support economic activity consistent with central banks’ mandates, but monetary policy alone cannot lead to balanced growth”.