Translation of "Anleihenkaufprogramm" in English

The ECB is expected to continue with its QE programme as initially planned.

The ECB is introducing more flexibility through the changes to the PSPP programme.

The ECB has reached a historic turning point and will now end its QE program.

The authorities are taking steps to correct their mistakes, especially with the decision to form a banking union and the outright monetary transactions program, which would allow unlimited intervention by the European Central Bank in the sovereign-bond market.

With the European Central Bank’s asset-purchase program close to reaching its limits, an investment-oriented fiscal stimulus would help reverse this weakening.

The European Central Bank will likely extend its bond-purchasing program; but it has reason to question the results of its quantitative-easing policy, given that eurozone unemployment still averages around 10%, indicating a sizeable output gap.

Before January, this sequence of events was quite likely, but the ECB’s bond-buying program put a firebreak at each point of the contagion process.

In short, the ECB bond-buying program has transformed the ECB from a passive observer of the euro crisis, paralyzed by the outdated legalistic constraints of the Maastricht Treaty, into a proper lender of last resort.

Greek politicians who still see the threat of financial contagion as their trump card should note the coincidence of the Greek election and the ECB’s bond-buying program and draw the obvious conclusion.

If these three steps – an ECB bond-buying program to hold down sovereign interest rates, concrete progress on establishing a real economic union, and realistic revision of current adjustment programs – could be achieved as a package, the resources that the ECB would need to use for its bond purchases would drop, because credibility would be restored.

As a result, the bank’s decision-makers are giving serious consideration to pushing the discount rate further into negative territory and extending its large-scale asset-purchase program (otherwise known as quantitative easing).

Bernanke and the FOMC should recognize this and gradually bring the bond-buying program to an end during the next 12 months.

The constitutional court signals that it considers the ECB QE program as a violation of European law and to constitute monetary financing.

Germany's Constitutional Court has rejected legal challenges against the ECB's bond-buying programme while at the same time emphasizing the legal restrictions for its implementation.

Indirectly they wanted to block the quantitative easing, the bond-buying programme announced by the ECB on January 22.

The question is not whether the ECB will end its purchase program before December 2017, but rather how quickly it can reduce its purchases next year.

Expectations of an immediate adoption of a new LSAP (large-scale asset purchase program) or the like so soon after the rate move were limited.

The ECB's bond purchasing program provides adequate protection against a massive sell-off of Italian government bonds.

While it was true, as Draghi had claimed, that the risk of outright deflation had receded since last March, when the EBC had set purchases at €80 billion a month, this "does not make it the right time for the central bank to scale back its support for the euro zone economy."

The ECB is sending a clear signal that it will exit its QE program by the end of this year.

I am confident that the economic recovery of the euro area will allow the ECB to end its QE program in September 2018.

Draghi did not contradict market expectations of an extension of the QE program to be announced in December.

The courts aren't bold enough to block the bond-buying programme, the Frankfurter Allgemeine Zeitung criticises:

The weak euro and the decline in government bond yields over the past few months are largely the result of the high expectations about the QE programme.