6  BIS Review 68/2001  In March, the Bank decided to increase its outright purchase of long-term government bonds if deemed necessary for the smooth provision of liquidity, on the condition that the outstanding amount of long-term government bonds held by the Bank be kept below the outstanding balance of banknotes issued.
And this decision was arrived at by taking full account of what I have so far mentioned. In sum, it is because monetary policy has entered uncharted territory that responsible policymakers are required to conduct a careful examination of all the possible favorable effects and side-effects of all likely policy responses.