While they do have a desired effect on financial markets, they also have side effects similar to those of low interest rates. And, over time, these side effects could even threaten financial stability. But we won’t be able to gauge the overall costs and benefits of our non-standard measures until many years have passed.
As for today, we could continue discussing all these things for hours on end. They are complex – and important. They directly affect the role of the central bank, its powers and its limits. However, there is another question I would like to consider. And this question is equally important. Did the measures work?