Moreover, it requires a judgement as to whether other policy measures are available that offer a better balance between intended and unintended effects. Clearly, bond purchases are a legitimate and effective monetary policy instrument. But largescale government bond purchases come with risks and potential side-effects, especially the risk of blurring the lines between monetary and fiscal policy.
This is particularly problematic in the 1/2  BIS central bankers' speeches  context of a monetary union. Therefore, government bond purchases under the special terms of the monetary union should be an emergency tool. Moreover, crisis-related monetary policy measures must be limited, both in duration and volume.