ECB allows eurozone central banks to veto collateral

The European Central Bank (ECB) on March 23 announced a concession to building pressure from leading eurozone economies such as Germany. In the regular Decisions taken by the Governing Council of the ECB (in addition to decisions setting interest rates) statement, the ECB revealed that national central banks were not obliged to accept as collateral bank bonds backed by governments of countries involved in EU or International Monetary Fund (IMF) rescue programmes.

"National Central Banks are not