As the central banks are only purchasing the government bonds of their home countries, the member states will recoup much of the interest payable on these instruments at a later date via central bank profits. That can, of course, ingrain certain habits and ultimately encourage countries to put the necessary consolidation of their public finances on the back burner.
And that, in turn, could increase pressure on monetary policymakers to keep interest rates low for longer than necessary – even if monetary policy considerations would call for a rise in key interest rates.