Ex-ECB chief economist Issing says that bond buying is a wrong policy. government bonds are no longer risk-free investment. Besides, the focus shouldn't be on the interest rate anchoring the economy but on the interest rate financing the private sector. It is not clear for me, for example, why a well-run company in Italy should not have similar interest as a German one, even if the yields between the German Bunds and Italian government bonds strongly diverge. But the ECB moves with its argument at narrowing the interest rate differentials between the government bonds of the Member States...When a fire is extinguished, it is also not the case that more water is better per se. In the end, the damage inflicted by the water could be bigger than the actual fire damage. Former European Central Bank chief economist Otmar Issing answering a question in an interview with Die Welt on the impact of the ECB bond buying policy