In 2020, in response to the economic effects of the Covid-19 pandemic, Bank of England Governor Andrew Bailey announced that the bank would engage in "monetary financing" through a "Ways and Means" facility. What is the purpose of this monetary financing?
1) To stabilize the economy and provide liquidity to financial institutions
2) To increase interest rates and control inflation
3) To reduce government spending and lower the national debt
4) To encourage consumer spending and stimulate economic growth