May 23, 2018 / 9:25 AM / in a year

Euro zone governments must respect spending rules: ECB's Coeure

FRANKFURT, May 23 (Reuters) - The euro zone has clear fiscal rules and they must be obeyed, European Central Bank board member Benoit Coeure was quoted by German newspaper Die Zeit as saying on Wednesday.

When asked if the ECB could forgive Italian debt held by the ECB, Coeure said this would not be legal, adding that it is too early to comment on an incoming government’s still not fully-defined plans.

Italian bonds have come under pressure in recent days after its incoming government proposed major spending increases, setting up a potential clash with Brussels over fiscal rules. (Reporting by Balazs Koranyi Editing by Catherine Evans)

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