It ultimately rests on the quantity-theoretic notion of there being a reliable link between money and price developments. Exploring the link between money and asset prices should be seen as a complementary way of better understanding the role of money.
The ECB has established a scheme for defining an appropriate return on different instruments that could be used for recapitalisation, which has been sent to Member States and the European Commission. We hope that this scheme can be adopted in all Member States, in particular those in the euro area.