The Deliberation and Discussions on Monetary Policy

The chapter reflects on the deliberation and discussions that took place regarding monetary policy, including the lack of accommodation provided in 2011 and the decisions made to extend the maturity structure without buying assets. It explores the challenges faced in achieving the inflation objective and the comparison drawn to the Bank of Japan's actions in 2003. The chapter concludes with the acknowledgment that the Committee was not ready for significant changes at that time.

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