But I do believe that an expansionary monetary stance creates more favourable conditions to implementing structural reforms: it stimulates aggregate demand and may reduce the possible short-term macroeconomic costs of reforms while helping maintain the necessary political drive and foster consensus regarding their adoption.
In the same vein, monetary policy cannot be left alone in the effort to support the economic recovery; it must be complemented by an appropriate use of available fiscal space, with appropriately targeted, growth-enhancing measures, such as investment in infrastructure.