The conditions for the excess money supply to not lead to financial instability in the euro zone

The very rapid growth in the money supply in the euro zone may lead to financial instability. Two conditions must be met for this to not be the case: Other countries must conduct the same monetary policy (which is the case); there will then be no capital outflows from the euro zone or a sharp depreciation of the euro; Demand for money must increase as much as the money supply (for example, as a result of caution in anticipation of a future crisis, like in Japan), which would stop the excess money from flowing into other asset classes and inflating bubbles in these other assets.