But what was always true in the past, and will remain so in the future, is that the output of a free market economy and the notion of wealth creation will reflect the value preferences of people. Indeed, the very concept of wealth has no meaning other than as a reflection of human value preferences.
Second, low interest rates can over time threaten financial stability, but we do not see any evidence of this at present. If we do see low interest rates creating localised risks, then local tools should be used to address them. In particular, national authorities should make full use of macro-prudential tools that they have available.