August 31, 2012 / 10:52 AM / 5 years ago

ECB's Coeure: bond buying must have strict conditionality

PARIS, Aug 31 (Reuters) - ECB bond purchases in the sovereign debt market must be subject to strict conditionality, ECB Executive Board member Benoit Coeure said on Friday, adding that in his view this meant a programme with the euro zone’s EFSF and ESM bailout funds.

“We are working on the possibility of intervening in the bond market, in the short-term bond market, subject to a strict conditionality,” he told a business conference outside Paris.

“From my point of view, this means a request for support from the EFSF and the ESM on the primary debt market.”

His remarks came after Germany’s executive board member, Joerg Asmussen, said late on Thursday the ECB should only buy sovereign bonds if the International Monetary Fund is involved in setting the economic reform programmes that should be a condition for intervention.

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