This is a matter of trust in our common currency. The ECB’s large-scale purchases of government bonds are highly controversial, especially in Germany. Many of your critics now feel vindicated. Wouldn’t it be true to say that if you were not buying those bonds, then nobody would be able to call for debt relief? It’s not that simple.
The purchase of government bonds is within our mandate. It proved decisive in enabling the euro area economy to overcome the crisis and in restoring growth and price stability in Europe. That is why I will always defend our actions. And we designed the asset purchase programme in such a way that it is not in breach of the treaties.