ECB's Villeroy speaking
- we will not allow adverse market dynamics to lead to unjustified interest rate increases in some countries
- yields and spreads to matter, even if we don't target fixed levels
- in implementing the pandemic emergency purchase program, we are and will remain flexible
- the euro system should be guided more by market dynamics and liquidity conditions than predetermined volumes of purchases
This should ease some upward pressure on some of the riskier countries yields including Italy.
