Welcome to European Tribune. It's gone a bit quiet around here these days, but it's still going.
The Central Bank needs a sufficient stock of government bonds to be able to set rates.

It doesn't, actually. There is no operational reason it can't defend any yield curve it may please it to defend with pure discount window operations.

- Jake

Friends come and go. Enemies accumulate.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Wed Nov 23rd, 2011 at 03:29:18 PM EST
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