Politicising the central bank is the best way of weakening its actions. Our contribution is to have created a monetary environment that is conducive to such investments. The current environment, with rates at zero or close to zero, also at a very long horizon, is exceptionally favourable.
I believed that the benefits of further monetary policy easing were small at best, since, in my view, they would do little to help resolve the challenges we face on the employment front. But the potential costs of this further accommodation could translate into a steady rise in inflation over the medium term, even without much of a drop in the unemployment rate.