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Good morning. More clues on ECB’s new crisis tool, symbolic EU membership status for Ukraine, Federal Reserve running out of patience with inflation and it might be a colder winter for Europe with low gas supply. Here’s what people are talking about.
European Central Bank President Christine Lagarde told euro-area finance ministers that its new anti-crisis tool will kick in if the borrowing costs for weaker nation rise too far or too fast, according to people briefed on their discussions. Lagarde explained at a meeting Thursday that the new mechanism that ECB officials are devising is intended to prevent irrational market movements from putting pressure on individual euro nations as the central bank embarks on its first interest-rate hikes in more than a decade. The euro rose 1.2% to $1.0580, its highest level of the session, on the news.