Bloomberg News

Asmussen Says Leveraged EFSF Shouldn’t Have Access to ECB Cash

October 10, 2011

Oct. 10 (Bloomberg) -- Joerg Asmussen, nominee to the Executive Board of the European Central Bank, said any leveraged form of Europe’s bailout fund shouldn’t be able to tap the ECB’s refinancing operations.

That “would be against both the letter and the spirit of treaty article 123,” Asmussen said during a hearing on his candidacy in the European Parliament today. He was referring to the legal prohibition on the ECB directly financing governments.

To contact the reporter on this story: Jim Brunsden in Brussels at

To contact the editor responsible for this story: Jeff Black at

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