A sequence model of German / ECB relations 2010 thru 2011 from the WSJ

May 2010: At a meeting in Lisbon, ECB President Jean-Claude Trichet says the purchase of government bonds hadn't been discussed, though officials debated the idea later during post-meeting dinner at a Lisbon winery. Four days later, ECB says it wil buy government bonds to alleviate tensions in financial markets. Bundesbank chief Axel Weber immediately denounces the decision. ECB board member Jürgen Stark later says he shares some of Mr. Weber's concerns.

July 2010: Mr. Stark says if financial markets improve, "there is not a reason anymore to continue" buying bonds.

February 2011: Mr. Weber announces his resignation from the Bundesbank, denying Germany a chance to have a German at the head of the ECB.

March 2011: The ECB stops buying government bonds, a pause that will last more than four months.

May 2011: Mr. Stark warns that lending to Greek banks would be "impossible" should Greece default on its government bonds.

July 2011: Mr. Trichet signals the ECB would still accept Greek bonds even in the case of default, as long as euro-zone governments provide guarantees to the ECB.

August 2011: ECB votes to re-start bond purchases, but limits them to Irish and Portuguese bonds. Mr. Stark opposes decision, as does the new head of Germany's Bundesbank. Four days later, the ECB expands the purchases to include Italian and Spanish bonds.

September 2011: Mr. Stark announces resignation nearly three years before his term expires.

Source: WSJ Research