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This is suggested by the central banks' approach to the bond-buying schemes they adopted to fight financial crises. The ECB has "sterilised" its purchases by taking an equal amount of money in deposits, so the effect on the money supply is neutral, and many of its policymakers are uncomfortable with its scheme.While some Fed policymakers have recently suggested ending their scheme early, the U.S. central bank has not sterilised purchases and overall has appeared more comfortable with them. This month the Fed reiterated a pledge to keep interest rates, currently near zero, at very low levels for an extended period."They are happy enough to keep rates low and they are not particularly agitated about the other roles they have taken on," Vanessa Rossi, senior research fellow at London-based think tank Chatham House, said of the Fed.
