The WSJ notes that despite the ECB’s unprecedented move to buy €40 billion in government bonds, which has been attacked by Bundesbank chief Axel Weber, the Bank’s President, Jean-Claude Trichet, has declined to provide details on which countries’ debt the ECB is buying, how much it plans to purchase, what maturities it is targeting or what type of market signals officials will gauge to determine when the program is no longer required.
The Irish Times quotes Trichet saying, “The purpose has been very clearly said and we think that we give enough information at this stage.” The article notes that Trichet also implicitly rebuked Weber for making public his opposition to the manoeuvre. “There is one currency. There is one ECB. There is one governing council and…there is only one decision,” he said. The FT reports that ECB is also to extend emergency liquidity to aid the eurozone’s banking system.
Source: Open Europe