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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.

The ECB’s Controversial Securities Market Programme (SMP) and its role in relation to the modified EFSF and the future ESM