And by boosting overall potential output it can reduce the current debt overhang in some economies and provide space for fiscal policy to become countercyclical, reducing the overall burden on monetary policy. 14 / 15  BIS central bankers' speeches  Thank you. 1 See Barro, R. and Sala-i-Martin, X. (1992), Convergence, Journal of Political Economy, vol. 100, pp. 223–51.
I think it is a remarkable accomplishment that we managed to work out a new monetary policy strategy even under the difficult conditions of the pandemic. The results speak for themselves.