All credit goes to @fwred on this one. If you're not following him on Twitter here, you should be.
It's not just about talking up its resolve on anti-fragmentation. The ECB is showing that it is also walking the talk with roughly €10 billion of positive net purchases in Italian bonds and roughly €6 billion in Spanish bonds. On the flip side, there were negative net purchases seen in Germany by around €14 billion and €1 billion in France.
These are notable amounts and it underscores the fact that the ECB is in the market and getting its hands dirty. There will be questions on capital keys if this keeps up but for now, it at least shows some commitment by the ECB in dealing with fragmentation risks - as much as it is contrary to their communique to stop bond buying. ¯\_(ツ)_/¯
