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ECB Ready to Test Freedom to Act With New Tools for Greek Crisis

The European Central Bank claims it’s won itself more freedom of action just in time to handle any fallout from Greece’s crisis.

Executive Board member Benoit Coeure says a court ruling ending almost three years of ambiguity on the legality of one of its crisis-fighting tools gives officials “broad discretion,” and they can now develop “new instruments” to rein in market volatility if needed. That might prove crucial if the ECB wants to move swiftly to prevent contagion from Greek turmoil.