The ECB's 'Foot Forward Guidance'

The lack of a dedicated, powerful instrument that would address fragmentation may have, in a way, polluted a little bit the s bs actions. The ECB's regular acit purchase programes are not really designed to prevent spreads from specific member states running out of control but they are generic monetary policy instruments. Had the ec b taken a stronger step in introducing a new instrument to address specifically that problem, the socal fragmntation problem, it might have had a freer hand, too, than titan monitary policy. But clearly, you know, my view on this is that, politically, it was a lot easier to do this in july,. particularly in the wake of another