Data on house prices and mortgage loans may also be used by authorities as complementary source of information in buffer settings.)   There is increasing evidence that banks’ attitude to risk are correlated with the monetary policy stance (risk taking channel)    Small increase in rates might break herding behaviour of private investors. The debate is ongoing.
Regarding the ECB’s stance, some elements of “leaning against the wind” are implicitly incorporated in the monetary policy strategy through the second pillar of monetary analysis.