The article analyzes how the role of the European Central Bank (ECB) has developed
throughout the sovereign debt crisis. The author concludes that the ECB acted, so far, within
the limits of its competences. However, he recognizes that this judgment is built on a rather
“aggressive” interpretation of the TFEU and the statute of the ECB. The author is very
sceptical that the existence of the modified EFSF and ESM will allow the ECB to stop buying
sovereign bonds in secondary markets. He outlines the structure of a potential future Fiscal
Union including Eurobonds.