But Sherlock Holmes may have been equally successful without arresting innocent citizens – just with the help of science, logic, and his magnifying glass. However, since financial imbalances can jeopardise price stability, monetary policy should be aware of its ability to affect risk taking.
Important features should remain, such as the prominent role national authorities have in identifying systemic risk and designing policy measures, the effective cooperation across the euro area and ESRB and the appropriate acknowledgement of the implications of our policies in other dimensions and countries.