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. As far as we are concerned, it’s a question of bank regulation and “macroprudential” tools.
There is one effect you didn’t mention: this policy cuts governments’ interest rate costs and potentially gives them room for fiscal manoeuvre again. That is not our objective. Monetary policy serves to guarantee price stability and support the productive economy.