The ECB’s purchases of public-sector debt instruments as part of the APP are a good example how this prohibition is applied: First of all, we do not buy government bonds in the primary market – which is explicitly forbidden under Article 123 – but only in the secondary market.
*  *  *  Over the past year, the Australian economy has been subject to a number of strong, often countervailing, economic forces: strong demand for commodities, rising global inflation, global financial market instability, consumer caution, slower population growth and slow productivity growth. The economy has also been affected by severe weather events.