So there are some circumstances where a “leaning against the wind” approach would still be valid and helpful even under a properly working macro-prudential framework. But any such actions by the ECB would be based on our policy framework – that is, to fulfil our primary mandate of price stability over the medium-term.
And let me stress that I am not referring here to the current situation: we do not see risks to financial stability stemming from the current low level of interest rates that would warrant policy action at the European level. Moreover the medium-term outlook for inflation remains subdued.