Italy’s PM Conte’s close aide: ECB should cancel the pandemic debt – Bloomberg

Dhwani Mehta FXStreet

The European Central Bank (ECB) should consider cancelling the government debt it buys during the coronavirus crisis to help nations recover from the economic blow, Bloomberg reports, citing an interview of the Cabinet Undersecretary Riccardo Fraccaro, Prime Minister Giuseppe Conte’s closest aide.

Key quotes

“Monetary policy must support member states’ expansionary fiscal policies in every possible way.”

That could include “cancelling sovereign bonds bought during the pandemic or perpetually extending their maturity.”

proposed a “green rule” that exempts public expenditures related to environmental investment from deficit calculations.

“For the central bank, it’s one thing to be independent from politicians, it’s another to not understand where the world is going,”

“The ECB should help countries relaunch their economies.”

EUR/USD holds the higher ground

EUR/USD renews three-month highs near 1.1940, benefiting from a broadly weaker US dollar amid dismal US economic releases. The spot is gaining 0.18% on the day.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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