March 13, 2020 / 12:25 PM / 25 days ago

Italy's ruling PD party asks market investigation after ECB's Lagarde comments

ROME, March 13 (Reuters) - Italy’s ruling Democratic Party (PD) on Friday asked market watchdog Consob to look into market swings after comments by European Central Bank President Christine Lagarde.

Lagarde on Thursday said the ECB was “not here to close spreads” between the borrowing costs of member states, heightening fears over the country’s public finances as it fights against the worst coronavirus outbreak in Europe.

Lagarde’s comments sent Milan stock exchange down 17% and Italian bond yields sharply higher.

“We will ask competent authorities to examine any speculative activities, connected or consequent to the statements of President Lagarde,” the centre-left PD said in a statement.

Reporting by Angelo Amante; editing by Giulio Piovaccari

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