That’s what happens when you put the French on the ECB...
“Current circumstances would probably warrant EFSF intervention in the secondary market – provided that this happens against the right background of political decisions and solutions to the underlying issues and strong conditionality.”
However, Mr Cœuré ruled out using the ECB’s own bond-buying programme, called the securities markets programme, since it was “not an instrument that can be used to fix fiscal difficulties or to help insolvent banks.”
Mr Cœuré said cutting the ECB’s main interest rate from 1 per cent was “certainly an option” and he expected it to be discussed at the next governing council meeting on July 5.
