France joins opposition to ECB securities plan, reports

(ANSA) - Rome, October 3 - 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.