In this respect, let me just observe that portfolio rebalancing that would encourage a higher degree of risk taking is one of the intended channels of transmission of non-standard monetary policies and that currently there are no indications of a generalised overvaluation of financial or real assets in advanced countries. Should excessive risks emerge, targeted macroprudential policies can be used as appropriate.
Economic and cyclical developments in the various currency areas are too diverse, but so, too, are the political priorities. None of the three regions I just mentioned is willing to subjugate its domestic policy to a fixed exchange rate. Exchange rates need a certain room to manoeuvre so that they can equalise differences between different economies.