In a single country coordination and policy adjustments involve a single treasury and economics ministry. But in a monetary union there are multiple different policymakers and policies to align. A strong framework that constrains discretion is therefore indispensable.
In case the envisaged amounts to be purchased in a jurisdiction cannot be attained, national central banks will conduct substitute purchases in bonds issued by international organisations and multilateral development banks located in the euro area. These purchases  4  Cumulative change between the end-of-the-day value on 21 January and 23 January 2015.