The consequences for the financial – and overall – independence of the central bank should not be downplayed. 6.
Conclusions  To conclude, the decision whether to embark on non-conventional monetary policy measures, which specific ones and for how long depends on a series of considerations, including the overall conditions of the economy, in particular the presence of deflationary pressures and the effective constraint provided by the zero lower bound for interest rates, the structure of the financial flows in the economy, the medium term incentives that would be created for the private sector and the risks entailed in the exit strategy, including for the independence and credibility of the central bank.