We should bear in mind that it is essential above all to maintain our monetary policy stance at an appropriate level, in order to ensure not only macroeconomic stability but also the smooth implementation of structural reform.
This is because, if the degree of monetary policy accommodatingness is inadequate, economic recovery will be delayed and make it difficult for the economy to withstand the shocks from structural reform. If on the other hand easing is excessive, then this could weaken economic agents’ incentives for reform.