Bloomberg News

Noyer Says ECB Sovereign Debt Purchases Will Remain Limited

October 17, 2011

Oct. 17 (Bloomberg) -- European Central Bank governor Christian Noyer said the ECB will continue to resist buying sovereign debt.

Central bank purchases of government debt in the U.K. and the U.S. have helped keep long-term interest rates “at very low levels, irrespective of their fiscal situations,” Noyer told a conference in Paris. “By contrast, purchases of sovereign debt by the Eurosystem have remained extremely limited and will stay so,” he said. “Our objectives are very circumscribed: to avoid disruptions in monetary policy transmission. Any lasting liquidity backstop has to come from governments.”

To contact the reporter on this story: Mark Deen in Paris at markdeen@bloomberg.net

To contact the editor responsible for this story: Mark Deen at markdeen@bloomberg.net


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