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MNI BRIEF: New Tools Must Stick To ECB Mandate - Schnabel

(MNI) London

A new tool aimed at capping a spreads blow out could come with conditions, the ECB's Isabel Schnabel says.

New tools aimed at preventing market fragmentation could include elements of conditionality, European Central Bank Executive Board member Isabel Schnabel said in a speech Tuesday, reiterating that the ECB will not tolerate disorderly price adjustments that undermine the transmission of its monetary policy.

“These tools might again look different, with different conditions, duration and safeguards to remain firmly within our mandate,” Schnabel said. “But there can be no doubt that, if and when needed, we can and will design and deploy new instruments to secure monetary policy transmission and hence our primary mandate of price stability.

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New tools aimed at preventing market fragmentation could include elements of conditionality, European Central Bank Executive Board member Isabel Schnabel said in a speech Tuesday, reiterating that the ECB will not tolerate disorderly price adjustments that undermine the transmission of its monetary policy.

“These tools might again look different, with different conditions, duration and safeguards to remain firmly within our mandate,” Schnabel said. “But there can be no doubt that, if and when needed, we can and will design and deploy new instruments to secure monetary policy transmission and hence our primary mandate of price stability.

Keep reading...Show less