We are well aware of the fact that an expansionary monetary policy entails some risks to financial stability. We are, nonetheless, convinced that we have acted in the right way, as we  BIS central bankers’ speeches  1  have followed our mandate.
As we are not seeing a strong rise in lending, nor any signs of widespread speculative bubbles, the risks for financial stability are currently limited. But monetary policy has taken over too much of the burden from politics during the crisis. It is true that too much weight has been placed on monetary policy in managing the crisis.