Luxembourg’s Mersch says that the ECB would have to make sure that any asset purchase program would have to stay within the spirit of the Eurosystem. Presumably this would mean the national central banks within each ECB country would buy the debt of their national governments. It is interesting to see an ECB member discussing such granular details, suggesting perhaps the ECB is laying the groundwork to begin quantitative ease as most of their counterparts of the global stage have done.