But there are many more benefits still to aim for, and so much more needs to be done. Finally, uncertainty over the institutional stability of the euro area also matters for monetary policy, since it too can slow down the transmission of monetary policy.
Granted, it does so sometimes “by the by”, as a side effect of penalising conduct which is both illegal and unethical, as with the two examples I’ve just mentioned. But we do not prescribe values that market participants must abide by. Rather, our efforts to prevent certain unethical strands of behaviour are based on economic factors.