Central Banks Reluctant to Let Monetary Policy Go

I think people have been reluctant to give up the monetary theory. They've varied it. It's not a good tortology like evolution by natural selection because it implies that inflation is wholly or mostly a result of monetary policy. I think they want to be seen to be playing their part in helping as economies are also quite sluggish and growth is quite weak. And I think it would be very difficult if you were a governor of a central bank to say, look, I've done everything I can. Monetary policy has gone as far as it can go. Can't go any further.