Moreover, policy makers and international organisations have started to analyse more thoroughly different aspects of structural reforms to stress their importance for improved macroeconomic performance. This expertise should be funnelled more directly into our definition of benchmarks and be used more actively to inform our communication practices. Nevertheless, communication alone will not be sufficient to move on with reforms.
Essentially, in that situation when we are in an unconventional space – the deposit rate is negative, APP is an unconventional instrument – and the question is – in a world where there clearly is discussion about negative side effects from either instrument – operating at both margins from one perspective is safer and more effective than loading it all on same – the deposit rate.