ECB emergency meeting pledges sovereign bond support

Isabel Schnabel
Isabel Schnabel: “we can and will design and deploy new instruments to secure monetary policy transmission”

The European Central Bank’s governing council announced it would essentially support under-pressure eurozone sovereign bonds after holding an unscheduled meeting today (June 15).

It also said it would speed up work by the Eurosystem on a new financial mechanism aimed at reducing stresses on some countries’ bonds. Bond markets reacted positively, with the yield on Italian 10-year sovereign debt falling by 0.36 percentage points to 3.86% after the ECB’s announcement.

The governing council’s last

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