•  Research at the Bank of Greece suggests that smoothing the interest-to-GDP ratio over the critical period of 2022–2030 by gradually removing interest payments to future years may have a significant positive impact on growth of the economy and lead to a faster reduction of the debt-to-GDP ratio to sustainable levels by 2035. •  In the short term, i.e.
II. Achieving the price stability target of 2 percent and transforming Japan’s economy  Next, let me talk about the QQE. The mechanism of the QQE starts from showing the Bank’s strong and clear commitment to achieve the price stability target of 2 percent at the earliest possible time, and converting people’s deflationary mindset.