The credit easing measures were immediately effective in turning around the credit crunch situation prevailing in a number of countries and favouring a pronounced easing in bank lending conditions for companies and households.
So optimal monetary policy will (almost) always be  1  See Ben S. Bernanke (2004), “What Policymakers Can Learn from Asset Prices,” speech delivered at the Investment Analysts Society of Chicago, Chicago, April 15, https://www.federalreserve.gov/boarddocs/speeches/2004/20040415/default.htm. 2 The views expressed are my own and not necessarily those of other Federal Reserve Board members or Federal Open Market Committee participants.