ECB’s Villeroy: Yields and spreads are significant even when we are not aiming fixed levels


  • we will not allow adverse market dynamics to lead to unjustified interest rate increases in some countries
  • yields and spreads to matter, even if we don’t target fixed levels
  • in implementing the pandemic emergency purchase program, we are and will remain flexible
  • the euro system should be guided more by market dynamics and liquidity conditions than predetermined volumes of purchases