Fiscal policy must be used to help economies.

Global economy looks increasingly uncertain.

I supported many elements of new stimulus package, including state-dependent forward guidance and introduction of tiering.

Was not in favor of the resumption of net asset purchases at this time.

ECB bond buying is not needed right now.

I thought further purchases are unnecessary right now given very low levels of long-term interest rates and term premia.

Significant strengthening of forward guidance, the consequent of longer reinvestment period and the DFR cut, are already powerful.

Our forward guidance is now strongly “state based”, reflecting our enhanced commitment to reach our objective.

This is significant progress that has perhaps been overshadowed by the arguments over QE