May 1, 2020 / 8:51 AM / 3 months ago

Closing spreads is ECB's "basic task" in crisis, Lane says

FRANKFURT, May 1 (Reuters) - It is a basic task for the European Central Bank to contain spreads between bond yields issued by different euro zone governments during a crisis when investors seek shelter in countries they deem safer, the ECB’s chief economist Philip Lane said on Friday.

“Such non-fundamental volatility in spreads impairs the smooth transmission of monetary policy across countries and it is a basic task for the central bank to counter such destabilising force,” Lane said in a post published on the ECB’s website. (Reporting by Francesco Canepa; Editing by Alison Williams)

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