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.
The central banks of the Eurosystem have nevertheless become the most important creditors to their governments. This might ultimately call our independence into question. Regarding the resolution of the crisis and its underlying causes, a lot has happened in the euro area in recent years. The countries that were hit the hardest tackled important problems at the root and have since regained competitiveness.