This is where the real battle for the heart and soul of the European Central Bank begins in earnest. Up until now, the bank has just been tinkering in the sovereign bond markets. It has run to the rescue of peripheral debtors as needed, providing funding while politicians put together a more sustainable bailout mechanism through the European Financial Stability Facility. The ECB’s role has hardly been an easy one. Its bond purchases have essentially breached its central bank mandate for providing price stability in the euro zone and have frequently attracted criticism from stronger member countries, such as Germany ... (full story)