Aug. 20, 2012
-- As usual, the ECB intends to collect the excess liquidity resulting from the bond purchases in recent years. On Tuesday, a corresponding business with the banks are performed. The total volume of bonds, which are currently held by the Federal Reserve is up to 211.5 billion euros. The central bank had begun in the spring of 2010 in the wake of the Greek crisis by buying government bonds financially weak euro countries.
ECB President Mario Draghi announced in early August to try to buy short-term government bonds of troubled euro-zone countries, where the States submit an alternative claim to the EFSF and to commit to strict austerity conditions. Details of the planned purchases are currently preparing several committees of the central bank. The news magazine "Der Spiegel" reported at the weekend that the central bank is considering to cap the risk premiums on government bonds of euro-crisis countries. While the ECB press release as "misleading"
, described the Bundesbank reiterated its fundamental criticism of bond purchases by the ECB.