Is it cross-border banking flows? And if so, should those flows be through a branch or a subsidiary, taking account of the varying regulatory environments that come with that choice? Are bank to bank flows more problematic than direct lending by foreign banks to domestic borrowers? The experience of cross-border banking is also replete with examples of the last-mover disadvantage.
These purchases contribute to easing the overall monetary policy stance, thereby helping to offset the downward impact of the pandemic on the projected path of inflation. The purchases will continue to be conducted in a flexible manner over time, across asset classes and among jurisdictions. This allows us to effectively stave off risks to the smooth transmission of monetary policy.