It would be naive to think the ECB doesn't take political circumstances into account in making buying decisions. However one month of under buying Italian bonds after months of over-buying them doesn't seem outrageous. The whole QE scheme is due to end in November anyway, which will leave Italy and Greece much more exposed t "market" volatility. I suspect Draghi's contribution to EZ recovery won't be appreciated until he's gone, and not appreciated in Italy at all.

Index of Frank's Diaries