Translation of "Ankauf von staatsanleihen" in English

In this sense, the ECB’s bond-buying program has been a failure.

But a wholesale purchase of government bonds does not raise similar concerns.

Sovereign bond purchases to reduce risk premiums:

The ECB will launch its large-scale bond-buying progrramme on Monday.

The purchase of government bonds is only permitted within the framework of monetary policy.

Massive purchases of government bonds by the ECB would be the worst type of bailout.

Is the ECB overstepping its mandate for monetary policy with its programmes for purchasing government bonds of states in crisis?

As a result of the massive capital injection in Ireland, in the form of emergency loans for the Irish banking system and the purchase of government bonds, the ECB itself is now relying on Ireland to accept the EU rescue package, so that it can once again service its loans from the ECB.

The BOJ has maintained its negative policy rate and 0% ten-year-bond rate by purchasing annually ¥80 trillion in JGBs and ¥6 trillion in equities.

Yet Japan, like the US and Europe, continues to display a quixotic tendency to tilt at deflation windmills, with rock-bottom interest rates and purchases of massive amounts of government debt.

Such measures could include buying up public debt, providing subsidized credit to banks, targeting longer-term interest rates, or even intervening to reduce the dollar’s value in foreign-exchange markets.

Providing an additional shield to the peripheral countries is the European Central Bank's plan to begin purchasing sovereign bonds.

Disagreement among and between heads of state and the ECB over the Bank’s purchases of distressed sovereign debt have only added to the uncertainty.

In any case, the common definition of that program – the large-scale purchase of government bonds by the ECB – is inaccurate.

When it comes to ECB purchases of government bonds, no one understands exactly for how long and for what purpose the new weapon is to be used – which reduces its effectiveness.

The ECB’s announcement of a new program to purchase sovereign bonds has lowered market interest rates.

Lastly, the provisions laid down minimum commissions which NBV members had to charge to customers and, in the case of some services, to other banks for a number of other services, such as the provision of banking information, acting as intermediary in the purchase of treasury bills and providing a bank reference to tenderers for public contracts (Articles 8 to 11).

Moreover, a large-scale purchase of government bonds carries considerable risk and can lead to an ever-increasing amount of a Member State’s debts being assumed by the Eurosystem.

The purchase of government bonds is a not unusual monetary policy instrument in times of crisis in order to lower interest rates and to be able to meet the price stability mandate.

However the MEPs deplored the decision that a large majority of government bonds purchased under this 'expanded asset purchase programme' would be held by respective countries' national central banks and not the ECB.

The purchase of government bonds of selected Member States that is envisaged by the OMT Decision, and which is unilaterally tied to economic policy conditions of the European Financial Stability Facility or the European Stability Mechanism, appears, in this context, as the functional equivalent to an assistance measure of the above-mentioned institutions – albeit without their parliamentary legitimation and monitoring.

The requirement for the purchase of government bonds on the basis of the OMT Decision is that the benefitting Member State has entered into agreements with the European Financial Stability Facility or with the European Stability Mechanism on macroeconomic, structural, budgetary and financial policy reforms, and complies with the agreements.

In this particular set-up, government bond purchases involve the fundamental risk of mutualising sovereign liability risks through the central banks' balance sheets, blurring the lines between fiscal and monetary policy in the euro area.

Whereas, at the start of January, investors continued to focus their anxiety on Greece staying within the EU, the decision of the Swiss National Bank to abandon the cap on the Swiss franc/euro exchange rate, as well as the purchasing of government bonds by the European Central Bank in the same month, triggered a bull market that largely held steady through to the end of the reporting period.

The purchase of government bonds from selected Member States only is a further indication of the OMT Decision being an act of economic policy because the monetary policy framework of the European System of Central Banks does generally not have an approach which would differentiate between individual Member States.

The fact that the purchase of government bonds can, under certain conditions, help to support the monetary policy objectives of the European System of Central Banks does not turn the OMT Decision itself into an act of monetary policy.

Many German economists criticize the European Central Bank's intention of buying government bonds, the Frankfurter Allgemeine Zeitung reported.