The decision to let the balance sheets of the single NCBs carry the risk of losses on government bond purchases reflects a concern within the Governing Council that in the present institutional framework such a monetary policy measure might lead to transfers of resources between countries without the approval of the competent bodies.
It extends to the swift implementation of the Next Generation EU package and a commitment to use public funds in a way that raises potential growth and nurtures the trust needed to make progress with reforming and completing the euro area’s institutional architecture. https://www.ecb.europa.eu/press/key/date/2021/html/ecb.sp210128~8f5dc86601.en.html  12/13  29/01/2021  The sovereign-bank-corporate nexus – virtuous or vicious?