The central bank of France has
joined its German and Austrian counterparts in their opposition
to the European Central Bank's plans to buy asset-backed
securities (ABS), but for different reasons, Bloomberg news said
Friday.
Sources quoted by the news agency said that Bank of France
Governor Christian Noyer is concerned about the design of the
ECB purchase plan because it excludes national central banks
from its implementation.
In contrast, Bundesbank President Jens Weidmann and
Austrian central bank Governor Ewald Nowotny perceive the plan
by ECB President Mario Draghi to be too risky.
Draghi has said the purchase of ABS is part of a broader
plan to boost growth in the eurozone economy and bring inflation
back to the bank's 2% target.
He announced the plan in September and on Thursday said the
purchases of the securities would begin sometime during the
fourth quarter.
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