Purchase of govt bonds on secondary markets must not have an effect equivalent to that of a direct purchase of such bonds on the primary market
- When the ECB purchases govt bonds on secondary markets sufficient safeguards must be built in to ensure that it does not contravene prohibition of monetary financing
Ryan posted some good background on this ruling yesterday here
And EURUSD finds itself back at 1.1288 with DAX down -1.6%
Funny ol' game eh? Ours is not to reason why, ours is just to sell and buy
Update: ECB says it will study the ruling before making any comment
