We need a mechanism that allows non-viable banks to be wound down without financial stability risks, as we see in the US. This tends to support a quicker recovery from banking crises and more stable credit provision to firms and households.
The distributional impact of the wealth channel may well be larger than that of other channels of monetary policy transmission. If the distributional impact of monetary policy channels is larger now than it was in the past, this can compromise the legitimacy of instrument independence.