Does the ECB control risk premia to a sufficient extent?

It is well known that one of the transmission channels of expansionary monetary policy is the "risk channel": the fall in risk-free interest rates leads to investors switching to risky assets and to a squeezing of risk premia and therefore facilitates the financing of investments. Does the ECB use the "risk channel" to a sufficient extent? We look at risk premia and interest rate levels on risky bonds with respect to: Euro-zone equities; Peripheral countries' government bonds; Investment Grade corporate bonds; Business loans; High Yield corporate bonds; Household debt. We can see that the ECB has not sufficiently squeezed risk premia on equities and High Yield corporate debt. Instead of relying on investor s switching from one asset class to another, it may be necessary to buy these asset classes outright.