It is not to ensure the solvency of the individual member states through the “communitisation” of such liability risks via the central banks’ balance sheets. Democratically elected politicians, ie parliaments and governments, should be the ones who decide whether liability risks should be mutualised. And it is important to remain within the bounds set by the European Treaties when making these decisions.
Furthermore, monetary policy must be wary of playing second fiddle to fiscal policy as this could make it increasingly difficult for monetary policymakers to ensure price stability.