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ECB: Delivers on its Promises
- The ECB has announced a major expansion of its bond buying program, so that combined monthly purchases of public and private sector securities will amount to € 60 bln.
- In this regard, the bond purchases are in a reaction to an implied deflation threat which the ECB is exaggerating, albeit with the Council not wishing to appear impotent in the wake of persistent policy and forecast misses.
- The ECB press conference did play down worries related to a lack if risk sharing in the planned purchases but the limited formal dissents within the Council may mask the actual amount of wariness among members.