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MNI BRIEF: ECB To Meet As Market Turmoil Spreads

(MNI) LONDON
(MNI) London

The European Central Bank's Governing Council will meet Wednesday to discuss days of turmoil in financial markets that have seen the euro slide and government bon yields, particularly in the periphery countries, soar.

“The Governing Council will have an ad-hoc meeting on Wednesday to discuss current market conditions,” an ECB spokesperson told MNI.

Fragmentation of borrowing conditions and a possible breakdown in the transmission of monetary policy are a concern for the ECB as rates start edging higher and net new asset purchase end in coming weeks (MNI INTERVIEW: ECB To Overcome Obstacles To New Crisis Tool).

On Tuesday, yields on Italian 10-year BTPs rose to an intraday high 419 bps, trading around 240 bps over German equivalents. At the height of the European debt crisis in 2012, Italian bonds traded 550 bps over Germany. A month or so ago, they were trading 115 bps over.

MNI London Bureau | +44 203-865-3812 | les.commons@marketnews.com
Central Bank NewsPolicy NewsHomepageEuropean Central BankCEEMEAEurozoneEuropean Central Bank (ECB) Market NewsBriefStoryRegion
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MNI London Bureau | +44 203-865-3812 | les.commons@marketnews.com
Central Bank NewsPolicy NewsHomepageEuropean Central BankCEEMEAEurozoneEuropean Central Bank (ECB) Market NewsBriefStoryRegion
True

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