Lagarde stated—that it is not her job to prevent government bonds’ prices in the European Monetary Union (EMU) from diverging. The European Central Bank Is Being Stretched To Its Breaking Point In Italy. The ECB has already helped Italian governments a lot: the Public Sector Purchasing Program, indeed, has so far (December 2019) bought roughly €370 billion in Italian bonds. To put it bluntly, there is nothing monetary policy could do now for the Italian situation. Italy is a paramount example of a capital-consuming economy, where the investment level has plummeted, ) and labor productivity stagnates

Italy cannot keep whining and hoping for external help: it needs to handle its fate and must take the courageous—and socially and politically tough—path that it has avoided so far. other words, there exists no magic monetary or financial trick that can save Italy now.

https://www.zerohedge.com/geopolitical/european-central-bank-being-stretched-its-breaking-point-italyIt

Is evident that the ECB has already been a hugely interventionist central bank; suffice it to mention that currently the ECB’s balance sheet is roughly 40 percent of the EMU’s GDP and that the European banking system is already flooded with €1.5 trillion in excessive reserves. Hence, it is also frankly hard to see how further room for monetary policy interference in a market capitalist economy could be justifiable—even conceding to hardened shortsighted Keynesians that the current coronavirus shock is a purely demand-side one, which it absolutely is not.