ECB Tools Can’t Fix Europe’s Fiscal Problems, Sleijpen Tells FD

European politicians shouldn’t rely on European Central Bank emergency instruments to solve their fiscal problems, according to Governing Council member Olaf Sleijpen.

Asked in an interview with Het Financieele Dagblad if the ECB’s never-deployed program designed to counter excessive market moves — known as the Transmission Protection Instrument — could be used to support government bonds, the new Dutch central bank chief was guarded.