More on the ECB’s using redenomination risk as the rationale for intervention

A while ago I posted a translation of Joerg Asmussen's Frankfurter Rundschau interview and my interpretation of his commentary. Here is the rest of the translation and some commentary.
There are to be bond purchases once more. What makes you think the new programme will be more successful than the first two programmes, which only reduced rates in the short term?

Because it will be better conceived than the old bond-buying programme, the SMP.

You’ll have to clear that up a bit more.

The...


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