Similarly, the Eurosystem has  BIS Review 23/2010  3  not considered requesting public guarantees to support the expansion of its balance sheet. In sum, what sets the Eurosystem somewhat apart from other major central banks is a stylised feature which one may call the “minimisation of the fiscal implications of our monetary policies”.
Let me comment on this feature from a number of perspectives. Principles Clearly the avoidance of outright purchases of euro area governments’ debt (which in any case would have been clearly restricted to purchases in secondary markets) respects the above discussed clear separation of monetary and fiscal responsibilities enshrined in the EU Treaty.