European Central Bank officials led by President Mario Draghi resisted calls from the International Monetary Fund and U.S. Treasury to do more to stem the debt crisis roiling the euro-area economy.
As talks of global finance chiefs ended yesterday in Washington, euro-area central bankers from Draghi to Bundesbank President Jens Weidmann argued they have done enough by cutting interest rates and issuing more long-term bank loans.
Even before the IMF used the Washington meeting to win more than $430 billion in fresh funds to help safeguard the world economy from Europe’s woes, the ECB was lobbied to consider additional steps. The fund suggested last week that the Frankfurt-based central bank lower its benchmark interest rate and keep its crisis-fighting liquidity measures in place to support banks.
Italian bill and bond sales this week include a 2.5 billion-euro bond sale tomorrow and an 8.5 billion-euro treasury bill sale on April 26, while Spain will sell three- and six- month bills tomorrow.