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Lagarde on Recalibration of Policy Tools

ECB

Question: (From Luke at MNI): Buzzword "recalibrate" does this extend to looking at HY bonds, ETFs etc as other CBs have done? Are you afraid ECB could use all its firepower and leave little left to fuel the upturn?

- A: Recalibration means determine instrument by instrument and mix of instrument what is optimal response? Increase? Variation? Extension? All looked at. On firepower? Doesn't understand Q on firepower gone as the ECB has already proved in this crisis it has more tools. ECB was there for first wave and will be there for second wave.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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