If this approach should not lead to a compelling solution, I would also be willing to consider other measures to adequately incorporate such risks into our risk management. We could, for example, limit the maturities or the volume of securities from certain issuers in our monetary policy portfolio if required to contain financial risk.
Taking such a step would not be an about-face, but rather the logical conclusion of the risk-oriented approach that I have been advocating for quite some time. [15] Central banks have to protect their balance sheets. After all, their financial independence is one of the conditions needed for them to safeguard price stability.