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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Free AccessMore from Lane: Q: Christine Lagarde was........>
ECB: More from Lane: Q: Christine Lagarde was heavily criticised in March when
she said that the ECB isn't here to close spreads. Hasn't the institution,
through what it has done and contrary to what its President said, shown that
this is, in fact, its task?
- A: Before this crisis we could see significant differences in the interest
rates different countries had to pay on their own debt. In normal times,
interest rate spreads across countries reflect the economic fundamentals of each
country, including the levels of public debt. This is not something we are
trying to get rid of. But in March spreads were widening rapidly, in a way that
could not be explained by fundamentals. When there is market turmoil and spreads
widen rapidly due to market dislocation, the central bank has to act as a
stabilising factor for the markets. This is especially true in a monetary union,
where you can easily switch from the bonds of one country into those of another
country in the same currency. The stabilising presence of the central banks can
then rule out self-fulfilling flight-to-safety dynamics and illiquidity in
individual sovereign bond markets, and this is what we pledged to do.
To read the full story
Sign up now for free trial access to this content.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.