> The ECB has taken overwhelmingly the latter course Not seeing this. Unlike most national central banks, the ECB is also not concerned with national economic

> The ECB has taken overwhelmingly the latter course Not seeing this. Unlike most national central banks, the ECB is also not concerned with national economic issues such as fiscal balance, tax revenues, employment numbers, national trade balance etc. (This may well turn out to be a blessing in the medium-term or long run. Perhaps by design?) They're exclusively tasked with maintaining a certain level of price stability within the eurozone. Draghi even declared recently that they don't even give a hoot about the EURUSD exchange rate! Now maybe internally they do care about it emotionally, but it's not their mandate to worry about it. Now granted, with their weight they did have the resources to buy up some 200B of "temporarily tanked" eurozone government debts in a time of crisis, which they then sold on at a later point "for a profit" (nominal, not that I think they really care, but a good for the public), which elegantly weathered "the euro crisis". Not the Greek or Spanish or Italian economic woes, to be sure. But "the euro crisis", back in 2011 or so. Done deal. (Good thing, I think personally, they're not blanko-buying-up $1 trillion of EU government debts per year currently... sure the Greek equivalent of the S&P500 might "soar" for a year or two but it wouldn't be felt on the ground, I don't think... )