Europe's Central Bad Bank Junk Bonds Weigh Heavy on ECB

European bankers from countries with ailing economies need fresh infusions of cash from the European Central Bank, but the ECB has turned into the dumping ground for European banks' junk bonds. The practice could harm the central bank's reputation as well as the euro.
Von Matthias Brendel und Christoph Pauly
The President of the European Central Bank, Jean-Claude Trichet, was awarded the International Charlemagne Prize for contributions to European unity on June 2.

The President of the European Central Bank, Jean-Claude Trichet, was awarded the International Charlemagne Prize for contributions to European unity on June 2.

Foto: Martin Meissner/ AP
Translated from the German by Paul Cohen.