Aren’t you afraid that one of the effects of QE will be to create price bubbles for certain assets? Does the ECB have the means to combat these side effects? Our actions do have an impact on asset prices; you just have to look at the way markets have risen since the public asset purchases started.
We monitor risks to financial stability very closely: Tommaso Padoa-Schioppa used to say this was in central banks’ DNA. But let’s not forget that the objective of monetary policy is price stability. Financial stability involves different tools. As far as we are concerned, it’s a question of bank regulation and “macroprudential” tools.