The European Central Bank is set to open a facility allowing non-eurozone central banks to borrow euros, using sovereign debt as collateral.

The ECB’s governing council designed the new repo facility, Eurep, as a “precautionary backstop to address pandemic-related euro liquidity needs outside euro area”, it said in a statement today (June 25). Eurep will remain available until June 2021, and access to its repo lines will require the governing council’s approval.

The council said Eurep would

You are currently unable to copy this content. Please contact [email protected] to find out more.


Source link