I see a number of arguments against the programme. They include stability policy principles and the question of whether the central bank has a democratic mandate for a measure of this kind. The programme spreads liability risk among euro-area taxpayers. That is something only parliaments are allowed to do, and the rescue packages are the right tools for the job.
Central bank funding must not become entrenched as a catch-all solution to all our woes. And then there’s the question of whether the programme ultimately does more harm than good. If central bank assistance eases the pressure on politicians to push ahead with reforms, that could hinder and delay the process of overcoming the crisis.