The arguments for using monetary policy to explicitly and automatically deal with the build-up of risks are weak. Leaning against the wind may not be desirable as a general principle, even if keeping flexibility may be warranted to deal with specific situations. If monetary policy is used in a systematic way, it could lead to a general loss of its effectiveness and credibility.
[17]  Chart 10 Individual consumption – durables and services (panel a): index: Q1 2018 = 100; panel b): January 2018 = 100)  Sources: ECB and Federal Reserve System. Notes: Dotted lines denote the linear trend (from the first quarter of 2018 to the fourth quarter of 2019).