Our actions do have an impact on asset prices; you just have to look at the way markets have risen since the public asset purchases started. We monitor risks to financial stability very closely: Tommaso Padoa-Schioppa used to say this was in central banks’ DNA. But let’s not forget that the objective of monetary policy is price stability. Financial stability involves different tools.
Also, during the more recent past, the proportion of flows coming from the United States has been decreasing. In addition to the impetus from NAFTA, other factors such as the liberalization of FDI restrictions in several areas, such as the financial and the telecommunication sectors, contribute to explaining the larger inflows.