A key priority of the ECB is to have in place the necessary technical and institutional infrastructure which will ensure an orderly enlargement of the ESCB and, later on, of the Eurosystem.
And certainly a central bank should not try to prick an inflating speculative bubble with the blunt sword of monetary policy – the collateral damage to the economy and inflation could be too severe. By the same token, central banks must not contribute to inflating such a bubble.