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MNI BRIEF: ECB VP Calls For Action On NBFC Stability Risks

(MNI) LONDON
(MNI) London

Financial stability risks in the non-bank financial sector vulnerabilities require “imperative” action, European Central Bank Vice President Luis de Guindos said Monday, as he called for a globally consistent approach to addressing leverage-based risk.

“High financial market volatility and associated liquidity challenges have once more highlighted the need to improve margining practices and the ability of non-banks to meet margin calls in derivatives transactions,” he said.

With inflation expected to stay above 2% for an extended period, the ECB’s monetary policy must continue to focus on reducing support for demand and guarding against the risk of second-round effects, de Guindos said. He confirmed that December’s Governing Council meeting will also see the announcement of the key principles for QT, which will be conducted in a “prudent” manner.

MNI London Bureau | +44 20 3983 7894 | luke.heighton@marketnews.com
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MNI London Bureau | +44 20 3983 7894 | luke.heighton@marketnews.com
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