According to a widespread belief, banks buying bonds of their own government can have a positive impact on the market, especially in order to stabilize a crisis. Daniel Gros argues, on the contrary, that this is not the case
The ECB has already bought close to €1,800 billion of bonds. it is not possible to determine where rates would be today if the ECB had not engaged in its ‘quantitative easing’. It is possible, however, to ‘follow the money trail’ to ascertain how much was bought and by whom.