May 29, 2018 / 10:33 AM / 3 months ago

ECB needs new tools if it is to supervise clearing houses: Mersch

FRANKFURT (Reuters) - The European Central Bank needs new monetary policy tools if it is to supervise firms that clear financial transactions denominated in euros, ECB board member Yves Mersch said on Monday.

FILE PHOTO: European Union flags flutter outside the European Central Bank (ECB) headquarters in Frankfurt, Germany, April 26, 2018. REUTERS/Kai Pfaffenbach/File Photo

“We also need to adjust the ECB’s monetary policy toolkit to ensure it can fulfill its role,” Mersch told a financial industry event.

“This requires amending Article 22 of the Statute in a manner that... preserve(s) the ECB’s flexibility and autonomy to react to unforeseen circumstances and effectively address risks to its mandate,” he added.

Reporting By Francesco Canepa

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