Ref #8058027 v1.4  9  Even with coordination between monetary and fiscal policy, if further macroeconomic stimulus is needed quickly, the first line of defence will still inevitably fall upon central banks.17 In New Zealand, we are in the strong position of having further room to provide conventional monetary stimulus if required (using the OCR).
Having effective unconventional policy options expands the toolbox of a central bank, which is naturally more relevant in a low interest rate environment.