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In
an emergency meeting last week, the ECB decided to direct bond
reinvestment to help nations on the bloc's southern rim, and to
devise a new instrument to contain divergence in borrowing
costs.
"It is very positive that the ECB has acted swiftly and
decisively to curb speculation, to avoid any fragmentation of
European debt markets," Calvino told a financial event, adding
that the volatility seen over the past week clearly did not
match the fundamentals of the countries.
She said governments needed to deal with scenarios of higher and
longer inflation globally.
Calvino said that the Spanish Treasury had made good use of the
negative interest rates to prepare for the normalisation of
monetary policy, extending the average debt maturity to more
than eight years.
BBVA's Chairman Carlos Torres told the same event in Santander
that Spain was in a better position to weather financial shocks
than previously as it now had lower debt refinancing needs.
Spain has already covered almost 58% of its medium- and
long-term debt issuance plan for this year.
(Reporting by Jesús Aguado and Emma Pinedo; editing by Inti
Landauro, Andrei Khalip and Toby Chopra)
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