ESM Bond Buying to Depend on ECB Backing, Rehn Tells Corriere

The European Central Bank will need to recommend that that the euro region’s rescue fund buys a country’s bonds before securities can be purchased, European Union Economic and Monetary Affairs Commissioner Olli Rehn told the newspaper Corriere della Sera.

Once a country requests that the fund buys its bonds to try to bring down borrowing costs, granting permission “will depend on the analysis of the recommendations of the ECB and other conditions,” Rehn told the Italian newspaper in an interview.