The head of the European Central Bank briefed euro zone finance ministers on Thursday on a planned tool to fight high spreads between bond yields of the bloc’s nations but remained vague about how and when the new scheme may kick in, sources said. The ECB had committed on Wednesday to offering fresh support to the currency bloc’s indebted southern countries, in a bid to temper a market rout that threatened a repeat of the debt crisis that almost brought down the single currency a decade ago. On Thursday, Christine Lagarde explained to ministers in a closed-door meeting the rationale for the new tool, which was still being designed by the bank, sources familiar with the discussions said.
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