Crisis in Italy was not behind creation of ECB’s anti-fragmentation tool, De Cos says

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Reuters UK

MADRID (Reuters) – The political crisis in Italy earlier this week was not behind the creation of an anti-fragmentation tool by the European Central Bank, policymaker Pablo Hernandez de Cos said on Friday. The ECB announced on Thursday its new Transmission Protection Instrument (TPI), which will let it buy bonds from indebted countries such as Italy to cap any excessive rise in their borrowing costs, helping limit financial fragmentation within the euro zone. (Reporting by Jesús Aguado and Inti Landauro; editing by Emma Pinedo)

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