The figures bear this out: even the Germans, who tend to be very conservative in their investment decisions, are currently putting more money into potentially more profitable, but also riskier financial assets such as shares and mutual funds. And the exuberance on several asset markets in the euro area at the moment is certainly related to the low-interest-rate environment.
In the long run, central banks may aim higher, to form a more formal institution such as the International Monetary Policy Committee (IMPC) suggested by many renowned scholars. Such an IMPC might serve as an effective mechanism for evaluating the overall effects on global liquidity of individual central banks’ monetary policies, and thereby lead toward introduction of a multilateral perspective in policy-making.