The European Central Bank's new bond-buying

FRANKFURT (MNI) - The European Central Bank's new bond-buying program is not aimed at subsidizing governments' borrowing costs, but is meant to improve the monetary transmission mechanism, ECB Executive Board member Benoit Coeure said in a Financial Times interview dated Monday.
The Outright Monetary Transactions [OMT] program is "not here to lower borrowing costs of countries," Coeure said in an interview on the FT's webiste. It is meant "to improve monetary policy transmission...and also to eliminate redenomination risk," he said.
Earlier today, Governing Council member Yves Mersch said in a speech that "the OMTs will be only used if - and to the extent - necessary to ensure price stability."

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