November 5, 2012 / 10:30 PM / 5 years ago

Some G20 countries voiced doubts about ECB bond-buying plan: Italy

MEXICO CITY (Reuters) - Some G20 countries voiced doubts at a meeting in Mexico about the effectiveness of the European Central Bank’s bond-buying plan, Italy’s central bank governor Ignazio Visco said on Monday.

“Many countries acknowledged the progress made by Europe although some of them within the G20 showed doubts on the possibility to use the ECB’s OMT (Outright Market Transaction) and the ESM (European Stability Mechanism) in an effective way,” Visco told journalists after the meeting.

“It’s difficult to explain to non-European countries that the sole existence of these instruments contributed to lower interest rates.”

Finance Minister Vittorio Grilli said he was committed to reaching an agreement with Switzerland on how to retroactively tax undeclared funds before the end of the year.

“Italy wants an agreement that respects transparency and international standards...We are committed to reaching an agreement as soon as possible, if possible by the end of the year,” Grilli said.

Reporting by Francesca Landini, Writing by Julien Toyer; Editing by Chizu Nomiyama

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