1975: the Bundesbank buys long bonds for 1% of GDP: http://ftalphaville.ft.com/blog/2012/08/07/1109891/bundesbank/ The central bank is the Bundesbank, in 1975. The âmechanismâ is purchases of government bonds to bring down interest rates, after the standard central bank tools stopped working that year. Indeed the Bundesbank bought up bonds to the tune of 1 per cent of German GDP. .... Interestingly, the information from that time suggests that the Bundesbank bought bonds because the economic outlook was deteriorating (GDP contracted 0.9% that year) and it was worried that further rises in long-term interest rates (from a 10.4% average in 1974) would threaten growth and drive inflation. Demand for longer-dated bonds plunged in the summer of 1975 as investors feared that soaring inflation would offset the returns on their investment. Reports suggest that the Bundesbank purchased bonds of a 6-year maturity and longer.... 2012: ECB buys 0.24% of GDP, and THEY oppose. Can you spot the difference ? in 1975 it was Germany in 2012 it's half Europe I'm afraid they are not incompetent.