ECB’s Cœuré says financial fragmentation ‘remains high’


Benoît Cœuré, an ECB executive board member, yesterday warned the overall level of financial fragmentation in the eurozone remains high, despite "ample evidence" of it receding since the announcement of the central bank's outright monetary transactions programme last year.

Speaking in Madrid, Cœuré highlighted the disconnection between the funding and lending rates for monetary financial institutions as cause for concern and emblematic of the persistent difficulty in monetary policy transmission

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