The German and Italian appointees to the European Central Bank's board are ...
FRANKFURT - The German and Italian appointees to the European Central Bank’s board are vying for control of the ECB’s market operations, a key position that involves running its vast money-printing program, two sources told Reuters.
Whoever gets to control the ECB’s market operations will have a chance to influence its multi-trillion euro bond-buying scheme and have a big say on key questions such as which bonds the ECB can buy and for how long. Key issues include how the ECB can get around a cap on the amount of debt it can hold from any one country - a looming issue for Germany - and which other assets it can turn to if it runs out of bonds to buy.
Attributing portfolios is a prerogative of the ECB’s president and Lagarde’s predecessor, Mario Draghi, put off the matter for months last year. This meant the timing of any decision was uncertain.Panetta and Schnabel join the ECB at a time of unprecedented divisions about the merit of more bond purchases and on the eve of a major policy review, which will likely see the central bank redefine its inflation target and the means to achieve it.
France Dernières Nouvelles, France Actualités
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