Ideas for a “clearing house” to boost the inter-bank lending market, which is at the heart of the financial system, were “potentially applicable”, said Lucas Papademos, vice-president of the European Central Bank.
An ECB-organised clearing house would guarantee lending, with the intention of overcoming mutual distrust between banks. The ECB has cut official eurozone borrowing costs by 175 basis points since early October but is frustrated that market interest rates remain high.
Such concepts have been floated in eurozone countries such as Germany. But Mr Papa-demos said solely domestic solutions would amount to an inappropriate “renationalisation” of financial markets.
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