Is the ECB bazooka a dud? The bank's bond purchases will be unlimited, but sterilized, with the...

|By:, SA News Editor

Is the ECB bazooka a dud? The bank's bond purchases will be unlimited, but sterilized, with the Orwellian name "Monetary Outright Transactions" given to the program, reports Bloomberg. "Sterilization" suggests any securities purchased are offset with the sale of other securities, meaning no net change in the central bank balance sheet, i.e., no QE.