ECB Needs Its Crisis Tools to Enforce Policy, IMF Official Says [BNN Bloomberg (Canada)]
SOCIETE GENL FRNCE S/ADR (SCGLY)
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Source: BNN Bloomberg
“In a monetary union you need to have the instruments available in order to deal with stress,” Alfred Kammer, director of the institution's European department, said in an interview on Tuesday at the ECB's annual retreat in Sintra, Portugal. “You want to make sure that your policy gets traction everywhere.” The ECB created its TPI tool in 2022 during a moment of market jitters involving Italy, seeking to ensure that it could raise interest rates without stoking turmoil. Last week, German Finance Minister Christian Lindner said it could be illegal to use it if France's legislative election triggers a dangerous selloff in the country's bonds. Sign up for the Paris Edition newsletter for special coverage throughout the French election. Earlier on Tuesday, Societe Generale SA Chairman Lorenzo Bini Smaghi, a former ECB official, described those remarks as “quite shocking.” Kammer suggested that the central bank must be able use its arsenal without impediment. “When you're looking
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