Given that the global disinflationary trend is likely to persist, I think that it is difficult to encourage medium- to long-term inflation expectations to continue rising solely by presenting the Bank’s policy stance of exerting influence on expectations. C.  Side effects of QQE  The side effects of QQE are not necessarily evident at present because they are mostly potential effects.
Clearly, this role underwent a fascinating metamorphosis with the introduction of the single currency. Suddenly, a strong, European dimension was added to these institutions that were traditionally largely confined to national boundaries. Consequently, the national central bank in Europe is of a peculiar sort and has a double identity.