Opinion: The ECB should not hold back from eurozone bond purchases
The announcement by the European Central Bank (ECB) a year ago that it would engage in outright monetary transactions (OMT) – its government bond purchasing programme – resulted in a marked improvement in the state of the eurozone's financial markets.
Likewise the ECB's move on July 4 this year – to offer forward guidance to keep short-term interest rates low for an ‘extended period' – represented an effort to calm markets, and proved successful. Indeed, the initial impact of ECB president Mario
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