Should central banks simply look on when asset bubbles are forming? Should they only launch 'rescue missions' when the bubble has burst of its own accord?

A regime of fixed foreign-exchange rates and obligations to intervene would encroach upon the statute of the ECB and the priority of price stability,

Potential political pressures must be resisted. The best contribution the ECB can make to the economic and social wellbeing of the euro area is to maintain price stability.

According to all criteria, our monetary policy by no means is too restrictive, ... The danger of an overreaction of the ECB certainly does not exist. We always act on the basis of thorough considerations.

Potential political pressures must be resisted, ... The best contribution the ECB can make to the economic and social wellbeing of the euro area is to maintain price stability.

We are of course open to criticisms,