IMF Monetary and Capital Markets Department Director Jose Vinals

IMF Monetary and Capital Markets Department Director Jose Vinals

Andrew Harrer/Bloomberg

The European rescue mechanism and the ECB bond program “must be regarded by markets as real, not ‘virtual’ and should be coupled with credible conditionality,” Jose Vinals, the director of the IMF’s monetary and capital markets department, said in prepared remarks for a press conference in Tokyo today.