IMF backs ECB bond buying

The IMF yesterday hailed the ECB’s decision to launch a new and potentially unlimited bond-buying programme to help struggling eurozone countries lower their borrowing costs and said it was prepared to cooperate as much as it can.

“We see the ECB’s action as an important step toward strengthening stability and growth in the euro area,” IMF managing director Christine Lagarde said.

“The IMF stands ready to co-operate within our frameworks. Decisive implementation of the new intervention programme will help repair monetary transmission, and support countries’ efforts to secure finance at a reasonable cost while they undertake sustained macroeconomic adjustment,” she added.