All credit goes to @fwred on this one. If you don’t follow him on Twitter hereyou should be.
It’s not just about talking about his resolution on anti-fragmentation. The ECB is showing that it is also following the talk with around €10 billion of positive net purchases of Italian bonds and around €6 billion of Spanish bonds. On the other hand, negative net purchases were recorded in Germany for approximately 14 billion euros and 1 billion euros in France.
These are significant amounts and it underlines the fact that the ECB is in the market and getting its hands dirty. There will be questions about the capital keys if this continues, but for now it shows at least some ECB commitment to managing fragmentation risks – as much as it goes against their statement to stop the bond purchases. ¯_(ツ)_/¯