The non-conventional measures we adopted relied more on the banking system, given its prominence in the transmission of monetary policy in the euro area. I have shown previously that our measures have been as effective, if not more effective, than others in providing liquidity to the financial system.
Selected purchases of government bonds were used only in exceptional circumstances, to address specific problems in the transmission of monetary impulses. It is clear that embarking on large-scale purchases of government bonds may affect the relationship between the central bank and the fiscal authority. What I am not sure of is when such a relationship can be characterised as “problematic” or “unproblematic”.