ECB executive board member Yves Mersch speaking in Italy earlier today

The ECB's policy must be commensurate to economic conditions and respect the bank's legal framework, in particular a ban on financing governments says Mersch

"The framework sets limits of what monetary policy must not do and pursue -- in particular prohibiting monetary financing of governments,"

The Eurosystem enjoys broad discretion in the choice of its instruments. But we are responsible to use our measures proportionately and to obey the well-defined boundaries set by the legal framework."

Reuters reporting.

Seems like another attempt to rule out the prospect of "helicopter" money, a monetary policy tool when central banks distribute money directly to all the population as most recently made famous by former Fed chairman Ben Bernanke. Unlike QE though under helicopter money central banks create money and distribute it right away, without tangible counterparts such as assets in their balance sheet's liabilities.

I'm heading out now. Football beckons so I'll wish you a great week-end and thank-you again for your support and excellent input.

ECB not looking to scatter any helicopter money at this stage