The fourth point is that we would consider QE only if there were an accumulation of evidence that, over the medium term, we were unlikely to achieve our objectives of full employment and the inflation target.
As I have said on other occasions – including before this Committee – in the event that the country did find itself in that position, I would hope that policy options other than monetary policy were also on the country’s agenda. The fifth and final point is that QE would be considered only at a cash rate of 0.25 per cent.