Putting all the pieces together, this monetary-fiscal mix allows more spending in the context of a major emergency. We are helping by setting low interest rates, and by ensuring that the government bond market remains liquid.
National Treasury is able  12 As two economists at the Bank for International Settlements have put it, ‘almost any balance sheet  policy that the central bank carries out can, or could be, replicated by the government’. See Claudio Borio and Piti Disyatat, November 2009, ‘Unconventional monetary policies: an appraisal’, available at https://www.bis.org/publ/work292.pdf, p. 2.  to sell its debt to investors.