Over the medium to long term, continued provision of ample liquidity might, through various channels, de-anchor inflation expectations, which would translate into higher inflation risks. It could also pave the way for new asset bubbles, thereby sowing the seeds of the next crisis.
Pointing out the risks and side effects of crisis measures does not imply that the Bundesbank wishes to obstruct the stabilisation of the euro. Quite the opposite. We are aiming to strengthen the framework of the euro and to ensure that we continue to have a stable euro in the future. Recurring suggestions to the contrary, for example by George Soros, are therefore ill-advised.