ECB’s Noyer says central bank buying of govt bonds may be right in case of avoiding deflation risks

• or run on govt debt
• in extreme cases a central bank should mitigate the effects of confidence shocks on sov yields by buying govt bonds
• actions of ECB have disconnected euro yield curve from that of US
• ECB seeks to broaden fund sources for firms with ABS programme

Noyer- ECB decoupling from the Fed