If the interest rate is being used to control inflation, then it is not available to dampen an asset price bubble: instead one or more macro-prudential tools should be used.
These can include a range of instruments outside the toolbox of the Central Bank, including tax policy, but they can also include such central banking and regulatory tools as capital adequacy surcharges, loan-to-value (LTV) and loan-to-income (LTI) caps for residential mortgages. The last two-mentioned instruments are not governed by EU law and are a matter for local discretion.