However, I wouldn’t say that the markets’ actions are completely irrational at present; they are based on concerns that the reforms in some countries could grind to a halt. These reforms and, above all, the question of whether they will actually be pursued in the future have a major impact on the growth outlook and thus also on credit risk.
So it would be best for the ECB to do nothing, to simply wait for the storm to pass? Not making government bond purchases certainly wouldn’t imply that the Eurosystem was merely waiting for the storm to pass.