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Lagarde: No Need For New Tools Right Now

ECB

Q: If needed, could the ECB come up with a tool like the one adopted by the Fed (accepting bonds at par), or would it face legal constraints? Do you think low remuneration on deposits in Spain will continue until TLTROs mature?

  • A: I have seen staff in action. They have been there and done it, especially during Covid. The facilities that we currently have are probably broader and more accessible that the ones that existed at the Fed. I don’t see any need right now to explore other options. But if needed in the future, staff can look into new tools.
  • A: On remuneration of deposits, the DFR is taking into account. This is something that needs to be discussed between banks and their clients.
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