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He doesn't say, just says the ECB can't help Greece by this means.

I'm looking at the General Documentation on Eurosystem Monetary Policy, Instruments and Procedures, The Implementation of Monetary Policy in the Euro Area (pdf), which has a chapter on Open Market Operations, summarised in this table:

The detailed description of the operations says they are carried out by national central banks, with the exception of "fine tuning operations", where it is also possible "the Governing Council of the ECB can decide" to authorize the ECB to carry them out.

by afew (afew(a in a circle)eurotrib_dot_com) on Fri Feb 12th, 2010 at 10:50:27 AM EST
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