In this particular set-up, government bond purchases involve the fundamental risk of mutualising 4/8  BIS central bankers' speeches  sovereign liability risks through the central banks’ balance sheets, blurring the lines between fiscal and monetary policy in the euro area. On that note, it is good that we have cut back risk sharing to only a small degree in the latest purchase programme.
While the possibility cannot be ruled out that the increase in oil prices as such may temporarily dampen growth dynamics over the short term, the forces underlying solid growth in the medium term remain in place.