In reality, the Bank has managed to implement effective monetary easing both in terms of quantity and quality. Bank lending has been increasing, and, as I discussed earlier, the yen has depreciated without causing competition among countries with regard to devaluing their currencies.
This role has been supported by assigning requisite powers to central banks not only in monetary policy formulation, conduct and implementation but in effective enforcement of fiscal discipline. This has been achieved in several jurisdictions without any real additional costs or sacrifices in terms of output volatility or reduced economic growth.