No one on the Governing Council denies that bond purchases have a positive influence on financial conditions. And the Governing Council agrees unanimously that, in principle, bond purchases fall within the ECB’s mandate. But some members think that they may only be used in absolute emergencies.
There is also debate as to how long it will take for them to have an impact on inflation. Moreover, some are of the opinion that bond purchases make governments less inclined to carry out fiscal and structural reforms themselves. That is how Klaas Knot sees it.