"The ECB wants to create opportunities for itself to continue buying bonds from individual countries on a large scale, but then selectively. When German or Dutch bonds expire, for example, the ECB already reinvests in Italian or Portuguese bonds. With the new program, it should then be possible to buy additional bonds, with the aim of limiting these interest rate spreads." According to calculations with Lukas Nöh and Veronika Grimm, for all countries - assuming a constant debt ratio - interest expenditure would stabilize relative to economic output despite the current markups.
From Wieland's point of view, it is right for Germany to comply with the debt brake again in 2023: "Now is the time to set priorities. Uncertainty is high because of the war and a possible halt in gas supplies. Inflation and interest rates have risen - so you also have to look in Germany, not just in Italy, that you can reduce the debt ratio again."Translated with www.DeepL.com/Translator (free version)
Augsburger Allgemeine: "Geldpolitikexperte warnt: Die EZB muss dem entgegentreten"