All the more so, given that the purchase of sovereign bonds in the euro area harbours specific risks, making it a monetary policy instrument unlike any other. But at least it is worth noting that the decision to largely rule out risk-sharing as part of the bond purchase programme counteracts the direct threat of sovereign credit risks being mutualised.
That also diminishes the legal risk involved in that kind of programme. But the fact remains that these purchases cause fiscal policy and monetary policy to become even more strongly intertwined.