Potentially, this class of assets offers huge scope for Fed operations, as the quantity of foreign assets eligible for purchase by the Fed 16 is several times the stock of U.S. government debt. I need to tread carefully here.
If there is no risk  4  BIS central bankers’ speeches  over the medium term for price stability, maybe there is a case to say there’s too much austerity right now. MD We’re fully aware that the economic situation in several countries, not only Spain and Greece, is very serious, and we are not underestimating the difficulty of the situation at all.