Others would even prefer the strategy to be replaced by the adoption of a policy rule, determining the monetary policy stance as an explicit function of some variables, or by an even simpler rule relating to an intermediate target. Such alternative approaches are, in my view, not well suited to the formulation of monetary policy in the euro area.
This is the sequencing issue of corporate bond market development. Should we develop low-grade bond after a high-grade corporate bond market is fully developed or foster the growth of both at the same time? We need to do more research. Many countries in the world have yet to have a mature SMEs bond market.