But, as I have mentioned before, the Bundesbank has always been rather critical of euro area government bond purchases as they blur the distinction between monetary and fiscal policy. In my view, the intended effects of these purchases are diminishing over time due to the rise in the unwanted side effects arising as a result.
Frederic S Mishkin: The US economic outlook Remarks by Mr Frederic S Mishkin, Member of the Board of Governors of the US Federal Reserve System, at The Levy Economics Institute of Bard College, Annandale-on-Hudson, New York, 20 April 2007.