The European Central Bank spent €22bn ($32bn) on government bonds last week – more than ever before – as it sought to prevent the eurozone debt crisis escalating out of control.
The larger-than-expected display of firepower highlights the scale of the challenge the central bank faces in keeping official borrowing costs under control for Italy and Spain, the eurozone’s third and fourth biggest economies.
But the size of the intervention, revealed by the ECB on Monday, raised fresh questions about how long its commitment to act would last.
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