@ecb Amount is very big. However the #ECB is very wishy-washy on what is currently crucial:
“For the purchases of public sector securities, the benchmark allocation across jurisdictions will continue to be the capital key of the national central banks” 1/ @ecb Meaning that they will continue to buy mainly German bonds, which is not needed, while not buying massively, over the 33% limit, Italian and Greek bonds, which are going astray since the misstep of #Lagarde last week

@EuroBriefing With the ESM reform, the goal of Germany is to replace the Troïka by a single institution. While the European Commission is seen as too soft and the ECB not being under control, the future ESM is expected to follow German views and to remain institutionally dominated by Germany. @EuroBriefing For countries falling under an ESM assistance programme, and therefore being submitted to its “conditionality”, the choice will be between submission or departure from the Eurozone. Which is the choice Schäuble presented to Greece in 2015.