ECB council to hold emergency meeting to address market selloff

The announcement comes after the yield on Italy’s 10-year debt rose above 4% for the first time since 2014 this week.

The European Central Bank’s Governing Council will hold an unscheduled meeting to discuss the recent selloff in government bonds, which has grown in intensity after plans were announced to begin raising interest rates from record lows.

The rate-setting panel will convene on Wednesday “to discuss current market conditions,” according to an ECB spokesperson. The meeting will begin at 11am Frankfurt time, a person familiar with the matter said. A statement may follow.