With our asset purchase programme (APP) – launched in January 2015 and successively recalibrated in December 2015 and March 2016 – we have been able to provide substantial additional accommodation over and above the easing via policy rates.
At the same time, the marginal utility derived from increasing the number of members beyond a certain point falls quickly, indeed may become negative, as in a large organisation agreeing positions becomes exceptionally complicated and time-consuming; beyond a certain level there is no opportunity to find a consensus acceptable to everyone.