By no means, they should become the “new normal”. Through these measures, monetary policy is increasingly strained. It makes a world of difference whether it is the Eurosystem or a stand-alone central bank, like the Bank of Japan, that is using its balance sheet as a tool to combat a crisis.
In the Eurosystem’s case, balance sheet measures and the risks of losses related to them have an important implication. They involve shifting burdens from the taxpayers of one member state to those of another. Such  2  BIS central bankers’ speeches  burden-sharing, however, is the task of democratically elected fiscal policymakers and not of monetary policy.