The debate about whether the ECB should engage in open-ended purchases of eurozone sovereign debt rages on, and the financial markets continue to follow every twist and turn with rapt attention. This debate has legal, economic and political aspects, none of which have been confronted before in exactly this form. The custom and practice of central banking, and of the relationships between central banks and fiscal policy, is being rewritten under the glare of a global spotlight, and in the harshest of circumstances. Read more
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