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MNI BRIEF: Eurogroup Backs ECB Anti-Fragmentation Tool Ideas

(MNI) London
(MNI) Brussels

EZ finance ministers behind the central bank's proposal to quickly work towards a deployable anti-fragmentation tool.

True

Euro Area finance ministers backed the proposal of the ECB to rapidly work towards a new anti-fragmentation tool, EU Economy Commissioner Paolo Gentiloni said Thursday following the Eurogroup meeting in Luxembourg. “Overall, there was recognition of the importance of the commitment of the ECB to work to prevent the risk of unjustifiable fragmentation in the transmission of our monetary policy,” he said.

Eurogroup President and Irish Finance Minister Paschal Donohoe added that there had been no discussion of any conditionality that might be attached to the deployment of the ECB’s new fragmentation tool. Earlier, reports suggested ECB President Christine Lagarde was reported saying anti-fragmentation tools will be used if bond yields of stresses countries rise too far, too fast.

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Euro Area finance ministers backed the proposal of the ECB to rapidly work towards a new anti-fragmentation tool, EU Economy Commissioner Paolo Gentiloni said Thursday following the Eurogroup meeting in Luxembourg. “Overall, there was recognition of the importance of the commitment of the ECB to work to prevent the risk of unjustifiable fragmentation in the transmission of our monetary policy,” he said.

Eurogroup President and Irish Finance Minister Paschal Donohoe added that there had been no discussion of any conditionality that might be attached to the deployment of the ECB’s new fragmentation tool. Earlier, reports suggested ECB President Christine Lagarde was reported saying anti-fragmentation tools will be used if bond yields of stresses countries rise too far, too fast.

Keep reading...Show less