You’re not alone, a lot of people share this fear, with the ECB now massively purchasing government bonds of EU member states with liquidity problems. Nobody knows how long this will continue, or whether the Bank will grow more ‘hawkish’ in the future. A lot here depends on the appointment of the new ECB president when the incumbent, Trichet, retires next year (I know, the president doesn’t set the policy single-handedly, but he certainly has much of an impact on it). One of the most prominent candidates is Axel Weber, current president of the Bundesbank with its long hard money record, who has repeatedly called for an end to the bond purchases. Other candidates, like the governor of the Italian central bank who’s also seen as a strong candidate, have a more lax opinion on this.