I am aware that many of you closely scrutinise the potential effect of the low interest rate environment on financial stability; ECON coordinators chose this as one of the topics for today. Building on what I said during the hearing in March, let me underline that we are closely monitoring risks to financial stability, but we do not see them materialising for the moment.
Should this be the case, macroprudential policy – not monetary policy – would be the tool of choice to address these risks.