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Radio Classique : Covid-19 : “Our ECB package is coherent and powerful”

Our ECB package is coherent and powerful, with three levers that we will implement immediately: the quasi-unlimited provision of funding, agile intervention to purchase long-term securities, intelligent flexibilities.

(...) On the additional envelope of EUR120 billion for purchases of government and corporate bonds, we will use this capacity with all possible agility and flexibility, as stressed by Christine Lagarde yesterday. 
I want to make this very clear: the ECB’s role is to ensure the effective transmission of its monetary policy to all euro area countries. If there is a risk of fragmentation, then we will use our full asset purchase fire power, taking advantage of all possible flexibility, including by temporarily abandoning the capital keys applicable to each country, and thus purchasing more of the public debt of some countries than of others. We have done it in the past, and we will do it again whenever the need arises. Let me add that, while supporting corporate financing, we will of course continue to purchase a majority of public securities. 

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InterviewFrançois VILLEROY DE GALHAU, Gouverneur de la Banque de France
Radio Classique : Covid-19 : “Our ECB package is coherent and powerful”
  • Publié le 13/03/2020
  • 6 page(s)
  • FR
  • PDF (256.88 Ko)
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