It is a bigger step to engage in money-financed asset purchases by the central bank than it is to cut interest rates. There are, however, circumstances where QE could help. The international experience is that in stressed market conditions, the central bank can help stabilise the situation by buying government securities.
That experience also suggests that QE does put additional downward pressure on both interest rates and the exchange rate. In considering the case for QE, we would need to balance these positive effects with possible side-effects. We would also need to consider the effects on market functioning.