October 4, 2018 / 9:39 AM / a year ago

ECB's role is not to support Italy - Rehn

FILE PHOTO: Finland's central bank governor Olli Rehn in Helsinki, Finland July 17, 2018. REUTERS/Ints Kalnins

HELSINKI (Reuters) - The European Central Bank’s role is not to support the Italian bond market after its recent sell-off but to set policy for the whole of the euro zone, Finnish central bank chief Olli Rehn said on Thursday.

“The council primarily looks at the development of the whole euro zone, and firstly from the mid-term price stability target point of view,” Rehn said at a conference. “Monetary policy will be done based on that, not looking at just one member state but the whole euro zone.”

He added that the recent sell-off has not had any significant impact on other members of the currency bloc, playing down fears that Italy’s troubles could spread to others, like Portugal, Spain or Greece.

Reporting by Jussi Rosendahl; Writing by Balazs Koranyi; Editing by Francesco Canepa

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