This action will restore the Eurosystem’s balance sheet to the peak levels recorded in the first half of 2012. About € billion worth of Italian government securities will be purchased, of which more than € billion by the Bank of Italy and the remainder by the ECB. The single national central banks will bear the risks associated with the government securities they purchase.
This decision takes account of the concerns of some members of the Governing Council that the programme could lead to transfers of resources between countries. Full risk sharing would have been more in line with the singleness of monetary policy and consistent with the Treaty on European Union.