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Govts not the ECB should help ease energy market stress: Lagarde

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Govts not the ECB should help ease energy market stress: Lagarde By Reuters

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Economy 1 minute ago (Sep 09, 2022 12:16)

© Reuters. FILE PHOTO: Christine Lagarde, European Central Bank (ECB) president addresses a news conference following the ECB’s monetary policy meeting in Frankfurt, Germany, September 8, 2022. REUTERS/Kai Pfaffenbach

PRAGUE (Reuters) – Governments not central bank should help energy firms under stress from market volatility and prudential requirements should not be eased at clearing houses and derivative counterparties, European Central Bank President Christine Lagarde said.

“In this current very volatile environment, it’s important that fiscal measures be put in place to provide liquidity to solvent energy market participants, in particular utility firms,” Lagarde told a news conference.

Lagarde said that the ECB was ready to provide liquidity to banks as part of normal its normal central banking operations but utility firms are outside its remit.

“Our sense is that watering down the prudential requirements for clearing houses and derivative counterparties should be avoided,” she said.

Govts not the ECB should help ease energy market stress: Lagarde

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