The European Central Bank is expected to expand its EUR750 billion bond-buying program this week to hold down borrowing costs for the 19 eurozone governments as they recharge their shattered economies. Saxo Bank analyst Christopher Dembik says the ECB should also extend the pandemic rescue plan into next year and possibly 2022 and consider including purchases of bank loans. Don’t expect a return to normal policy any time soon, he says. “This is a new period in history. This is the nationalization of bond markets by central banks.”
