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It may be necessary to expand the European Central Bank’s (ECB) toolbox as the crisis develops, Isabel Schnabel, member of the Executive Board of the ECB, said on Wednesday.

“The notion of buying bank bonds raises conflict of interest, it’s not an easy issue,” Schnabel added. “One should be open to discussing fiscal backstop for buying fallen angels, not sure if there would be a political appetite.”

Market reaction

The Euro Stoxx 50 Index edged slightly higher after these comments but was still down 0.23% on the day at 3,313 points.

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