This small-scale intervention was designed to provide the market with confidence there was as a bidder of last resort, and enable price transparency in a market that had become illiquid and opaque.
The fiscal rules have repeatedly been broken and trust between countries has been strained. And for economic policies we have tried to introduce a new rules-based approach – the Macroeconomic Imbalances Procedure – but it has so far not gained much traction in national decision-making processes.