I suppose that's the point the FT article is trying to make.

Clumsily and without focus.  It appears the BCB is attempting to manage currency by playing with financial markets (which it can do) instead of dealing with the actual foundation of the currency, the domestic economy (which it can't), and is doing so with the acquiescence of the government, which doesn't want to deal with the economy either.  Which supports your conclusion that they are simply manipulating money for the benefit of the moneyed.