ECB policymakers said to want new policy instrument ready by July meeting

• ECB policymakers worried that market stress may hinder monetary policy
• Want new instrument to be ready for July meeting
• Likely to offset bond-buying with the new instrument

The report by Bloomberg adds that the tool would probably involve "selling other securities" so purchases do not clash with their efforts to tighten policy. Essentially, this is QE but not exactly QE in some form of convoluted way.

However, just be wary that even if the ECB 'wants' the new instrument to be ready in the next few weeks, it doesn't mean that it will happen. I would expect policymakers to go through a series of alternatives and then iron out the nooks and crannies before finalising anything. And summer time in Europe could make it harder to manage timelines.

EUR EUR The euro (EUR) is the official currency of the European Union (EU) and 19 of 27 member states at the time of writing. It is the second most-traded currency worldwide in forex markets after the US dollar.The euro was originally introduced back on January 1, 1999, having replaced the European Currency Unit. Banknotes and physical euro coins subsequently entered circulation only in 2002.Upon its adoption, the euro replaced domestic currencies in participating EU member states. The rise in its value The euro (EUR) is the official currency of the European Union (EU) and 19 of 27 member states at the time of writing. It is the second most-traded currency worldwide in forex markets after the US dollar.The euro was originally introduced back on January 1, 1999, having replaced the European Currency Unit. Banknotes and physical euro coins subsequently entered circulation only in 2002.Upon its adoption, the euro replaced domestic currencies in participating EU member states. The rise in its value Read this Term