THE EUROPEAN Central Bank (ECB) increased its bond purchases last week as investors remained concerned about governments’ ability to push down budget deficits across the 16-member euro region.
The Frankfurt-based ECB said it completed €1.12 billion of purchases after settling €603 million the previous week.
It began taking seven-day term deposits yesterday to neutralise €73.5 billion of liquidity created by bond purchases since the programme started on May 10th.
ECB president Jean-Claude Trichet has said governments must step up efforts to stem contagion and restore confidence and described the bond programme as “temporaryâ€Â.
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Dean Popplewell
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