Unconventional monetary policies – common features of the BOJ and ECB  The monetary-easing instruments adopted by the two central banks have several features in common. They are (1) large-scale asset purchases centered on government bonds, (2) forward guidance used to indicate a future monetary-easing stance, and (3) a conditional long-term lending facility (Chart 1 and Reference Chart).
It has been said quite a bit by a number of central bank governors and within the ECB, there’s a limitation to what monetary policy can accomplish when you have slowing growth. What would you say are those limitations? Because at some point, QE has to end. Is there a plan for that? That’s not going to go on indefinitely, is it?