In the current volatile environment, the zero lower bound on nominal interest rates is not very far away. Policy rates fell a lot further during the acute phase of the crisis. Conventional monetary policy is safer known ground, but central banks, including in our region, are realising they may be pushed by events into unsafe territory.
BIS central bankers’ speeches  13  Fortunately there is now experience at home and abroad with market-supporting liquidity interventions that can be activated at short notice, as well as some tentative lessons from the QE experience in the major advanced economies. Nevertheless, QE remains new ground for central banks in many ways.