Comment: The ECB clarifies collateral policy

President Jean-Claude Trichet's clarification yesterday that the ECB would only accept sovereign debt with a rating of A- or higher as collateral for loans to commercial banks, is likely to have policymakers in Italy and Greece and a number of eurozone hopefuls worried.

The Financial Times on Wednesday, 9 November reported that the ECB had told eurozone finance ministers that it will only accept government bonds with at least a single A- rating from one or more of the main rating agencies. Co