In the meantime, the Bank took various initiatives ahead of other central banks in the world, including the adoption of various unconventional monetary policy measures ranging from the zero interest rate policy and quantitative easing to forward guidance in recent terminology.
To be sure, even under the zero lower bound, there is still some room to pursue monetary easing through such unconventional monetary policy measures. However, it is also certain that, during this period, the most effective and traditional monetary policy channel of interest rate control has been lost.