Currently, the ECB is purchasing bonds in a volume that would allow it to buy up the entire net new debt of the member states. According to Wieland, whether the purchases constitute prohibited monetary government financing would ultimately have to be clarified in legal terms. In Wieland's view, however, it is important for the central bank to communicate how it intends to reduce its bond holdings again in the medium term. So far, he has not seen a clear exit strategy.
Neue Zürcher Zeitung: "Verfassungsklagen gegen die EZB: Ziehen deutsche Richter den billionenschweren Pandemie-Anleihekäufen den Stecker?"