BBG Report ECB's PEPP Reinvestment Tool Not Yet Operational

Bloomberg cite sources in reporting that some ECB officials are concerned that reinvestment flexibility is not yet ready, and that the PEPP tool isn't yet operational.

Highlights of the piece:

• The European Central Bank still hasn’t activated the bond-purchasing firepower signed off by policy makers more than a week ago as their first line of defense in a crisis
• Some officials worry that until the decision to “apply flexibility” to reinvestments from its pandemic emergency program becomes operational, debt markets remain vulnerable to investor speculation that could then spiral out of control
• About 17 billion euros of bonds expire each month and about 12 billion euros of that comes from core countries and could be redirected to struggling markets, people familiar with their plans have said.