When taking monetary easing steps, it is essential to conduct a careful analysis of their intended benefits as well as unintended costs. While aggressive monetary easing is definitely needed after the bursting of bubbles, its side effects and limits should also be taken into consideration.
Although there is no universal conclusion to such cost and benefit analysis for monetary easing, as it depends on countries and phases, I would like to call attention to the following  BIS central bankers’ speeches  3  four aspects, which have not been paid sufficient attention in traditional arguments made before the recent crisis.3 The first is the burden of balance-sheet repair.