At least part of the ECB has repeatedly shown they do understand monetary operations and that it’s about price and not quantity.

Subject: RTRS-ECB LIKELY TO EXTEND LENDING UNLIMITED FUNDS AT FIXED

RTRS-ECB LIKELY TO EXTEND LENDING UNLIMITED FUNDS AT FIXED
RATES INTO START OF Q3 AT MARCH MEETING-EURO ZONE MONETARY
SOURCES
RTRS-SOME AT ECB CONCERNED ABOUT KEEPING LONGER-TERM OPS AT
FIXED RATES FOR TOO LONG- EURO ZONE C.BANK SOURCES
RTRS-IMPORTANT TO PROVIDE INSTRUMENTS TO COVER 12-MONTH TENDER
MATURING ON JULY 1

on the back of above headlines
-curve steepening back, 2bps move
-front end bid
-pers better bid (Greece 5bps move)