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MNI: Italy Meets Criteria For ECB's New Crisis Tool - Sources

The ECB's new crisis tool marks a significant advance from a previous "punitive" approach to countries with debt problems, Italian officials believe.

The European Central Bank’s new Transmission Protection Instrument marks a break with the punitive approach taken in the past by European authorities to countries struggling with debt problems, two Italian government officials told MNI, adding that Italy meets the four criteria to be eligible for assistance under the facility should that be necessary.

In order to qualify for TPI assistance, a country has to be compliant with European Union fiscal frameworks, be free of severe macroeconomic imbalances, and have sustainable public finances and sound economic policies, conditions which the sources indicated were satisfactory to Italy, and which differ from the tougher requirements, including signing up for a European Stability Mechanism Programme, imposed by the ECB’s Outright Monetary Transactions facility.

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The European Central Bank’s new Transmission Protection Instrument marks a break with the punitive approach taken in the past by European authorities to countries struggling with debt problems, two Italian government officials told MNI, adding that Italy meets the four criteria to be eligible for assistance under the facility should that be necessary.

In order to qualify for TPI assistance, a country has to be compliant with European Union fiscal frameworks, be free of severe macroeconomic imbalances, and have sustainable public finances and sound economic policies, conditions which the sources indicated were satisfactory to Italy, and which differ from the tougher requirements, including signing up for a European Stability Mechanism Programme, imposed by the ECB’s Outright Monetary Transactions facility.

Keep reading...Show less