In response to this critique, one might instead seek to focus the attention of monetary policymakers on broader measures of private-sector leverage that are outside the reach of traditional financial regulation.
These tensions arose in some segments of the euro area debt securities markets. Again, after carefully considering the situation, we decided to act, since the tensions were hampering the monetary policy transmission mechanism. We launched the Securities Markets Programme to ensure depth and liquidity in those market segments which are dysfunctional.