ECB’s Centeno Sees No Specific Spread Target for Crisis Tool

European Central Bank Governing Council member Mario Centeno said a new anti-crisis tool under development has no specific target for the bond spreads of embattled euro-zone members.

The Bank of Portugal chief said the instrument will fight so-called fragmentation -- unwarranted jumps in government bond yields -- before it takes hold, allowing officials to focus on combating record inflation.