Moreover, it appears that the lesson learned then – that the provision of ample liquidity by  2  BIS central bankers’ speeches  the central bank at a time of financial crisis can help to restore stability – has played a role in central banks’ response to the recent global financial crisis.
The second feature of QE is that forward guidance was linked to the actual year-on-year rate of change in the CPI. Given that the lifting of the ZIRP in the previous year had given rise to the impression that the Bank had a deflationary bias, the Bank, in order to counter this impression, ventured to issue forward guidance with little room for discretion.