There is a risk in this case of linking monetary policy to labour market objectives that depend on other factors and other policies. Another indicator that is used to calibrate monetary policy in the light of economic development concerns money and credit. An acceleration of these financial variables may show that monetary conditions are particularly accommodative.
In particular, the ECB may decide stricter measures than national authorities, using the counter-cyclical buffer or other macroprudential tools provided with the European legislation. The role of the ECB in making macroprudential decisions within the Banking Union can be seen as a useful complement to national frameworks so as to avoid the so called inaction bias in macroprudential policy.