The task of the ECB is by no means easy. With one arm she must manage machine in which some countries are financed 7-8% while others at levels close to 0%, and even short-term investors are willing to pay them to keep their money in their securities . And besides, the whole system is driven not by the most economically efficient and politically achievable in the puzzle of political lobbies through which Germany and the Netherlands and all the north of it is trying to prevent the transfer of the south. On the one hand, for purely moral sense of justice, and on the other - to keep the few market incentives not only for Greece and company, but also for France, making reforms and become more efficient.
Against this background, the ECB's decision clearly gives a breather from the pressures of the markets. When in March the central bank start buying government bonds, it will make life easier governments, they will be able to finance more cheaply. Therefore Germany, although appearing to throw the towel and surrendered after longtime principal obstructions against QE, she still managed to forge at least a little to your taste.
Purchases will be proportional to the quotas of the countries in the ECB. This ensures that the program will not be used to seek fiscal rather than monetary effect as printed money go to rescue governments. Thus, since the quota of Germany's largest, about 1/4 of the intervention will go to the Bund-ove that least need it. Already two-year German government bonds traded on the -0.18% return of five years are around zero, while purchases by 15 billion. Per month will not be surprising German government to be able to finance the negative and long-term securities. And while struggling to balance its budget and not get into a deflationary spiral southern periphery countries such as Greece and Cyprus may be completely thrown out of purchases. Another point is that 80% will be purchased by the national central banks and risk of loss will remain in them.